But then, something happened…something happened. Some claim it was do to increased competition – another company started by a young man named Sam Walton was giving Kresge’s stores a run for their money. Still some claim Kresge’s stores just built too much too fast…by over-expanding they found themselves deep in debt.
But today, I’ll tell you why the once mighty Kmart, the eventual product of Kresge’s five and dime, is in bankruptcy today, and its actually a simple reason…they forgot what they were known for.
Instead of continuing to offer great prices on decent products…they began to compete with the Targets and the Meijers in quality merchandise beyond their customers reach, while on the other end facing the low-pricing of Sam Walton’s creation, Walmart, at every turn. (When Kmart announced they were bringing back the blue-light special and lowering prices throughout the store, then I knew they were doomed. If Kmart has too announce that they have lowered prices, then they’ve lost their identity.)
Soon, being pulled at both ends, Kmart ...
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