The last full-size Kmart in the mainland United States is closing later this month. The store, located on Long Island, is set to close by October 20. Kmart does still have stores in Guam and the U.S. Virgin Islands, where there is far less competition from other big box stores.
The company that would become Kmart was founded by Sebastian Kresge in 1897. The S.S. Kresge stores operated as five-and-dimes, and by 1924 the company had grown to 597 stores. The first full size Kmart opened outside of Detroit in March 1962. That year, 17 more stores opened, with sales of more than $483 million. The company rapidly expanded, opening an average of 85 stores per year over the next two decades. Kmart introduced its iconic Blue Light Specials in 1965. It was retired in 1991, though they did periodically bring it back during the 2000s.
Kmart was the 2nd-largest retailer in the U.S. after Sears until November 1990, when it was surpassed by Walmart. At its peak in 1994, there were 2,486 Kmart stores around the world. But due to increased competition from Walmart, Target, and online shopping, the company filed for chapter 11 bankruptcy protection in 2002. In 2005, Kmart merged with Sears, but the combined companies continued to fall behind. Over the past 15 years, Sears and Kmart have closed more than 3,500 stores.
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