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Coles & Coy, Limited. At the same time, while inner-city deterioration in Canada had not reached the same level as in U.S. cities, the company turned some of its smaller, older Canadian stores into Jupiters. Proving successful as well was the launch of a line of Sesame Street children's apparel and juvenile products. In 1989 Kmart acquired PACE Membership Warehouse Inc. and the remaining 49 percent of Makro, converting Makro stores to PACE formats. Another important initiative was an expansion of popular brand-name and private-label lines, particularly the 1997 launch of the Martha Stewart Everyday line of bed and bath products through a strategic alliance between Kmart and Martha Stewart Living Omnimedia L.L.C., which Stewart had formed earlier that year to oversee her growing empire. Next came the Walden Book Company (Waldenbooks), costing $300 million for 845 stores that had produced sales of $417 million in 1983. Many observers were doubtful that a major discount chain could find such a niche given the strengths of the two main rivals: Wal-Mart with its rock-bottom prices and extensive grocery aisles and Target with its discount prices for slightly upscale products. Cunningham's travels convinced him that Kresge's competitors were not other variety chains, but the new discounters aiming for fast inventory turnover, which they could achieve by lower markups on a large assortment of small items. A former newspaper reporter, he had worked his way up from trainee status through the store manager ranks, eventually becoming general vice-president. The first store opened in Burwood East, Victoria in April 1969, with over 40,000 people passing through the checkouts on the first day. Still believing diversification was a good investment, the company purchased a 21.6 percent interest in OfficeMax, an office supply chain, in 1990 then increased the stake to 90 percent in 1991. We expect Kmart will emerge from the Chapter 11 process as a much stronger company poised for profitability and growth. Competition also increased; the scramble for the retail dollar fueled rivalry from Sears, Roebuck and prompted other chains to open department store "bargain basements." In May 2007, it reported a sales drop of 3.2% for the third quarter, and an overall drop in sales of 3.9% for the first three quarters. Also in 1966, the famous "Blue Light Special" was invented by a Kmart manager in Fort Wayne, Indiana, who was seeking a way to make it easier for his customers to find the Christmas wrapping paper that he was clearing; the Blue Light Special went on to be adopted chainwide and become an American icon. Other policies included limiting each store to one entrance and exit, thus reducing staff needs and escalating sales per employee, and designing smaller stores of 65,000 to 70,000 square feet, adequate for smaller, more affluent shopping communities. Unlike Kresge stores, Kmarts were not placed in shopping centers but were built in plazas by themselves, to avoid internal competition and also to provide ample parking. It also installed a computer system to handle inventories, orders, shipments, and other procedures that could speed up delivery times to each store. (Thomas Stearns), “It’s a very delicate surgical operation—to cut out the heart without killing the patient. By the mid-1950s Chairman Sebastian Kresge was long retired from active company management. Another long-range goal crystallized in September 1928, with the formation of a Canadian subsidiary that opened the country's first Kresge store the following May. Cunningham, after a period of testing, concluded that higher sales volume, rather than higher markups, would boost the company's profits, which had dropped during the 1950s. The first store opened in Burwood East, Victoriaon 30 April 1969 with an estimated 40,000 people passing through the checkouts and taking in over $97,000 (equivalent to A$1.17 million in 2020) on the first day. Always in high-traffic, convenient locations, Kresge Red Front stores featured open displays of merchandise with items systematically associated. The following year Kresge resigned the presidency he had held since 1907 to concentrate on long-range goal-setting as company chairman. Utility bills, wages, and other overhead costs soared because of inflation, but fierce competition prevented the company from raising its discount prices. Jean Renoir. They began to develop Kmart stores in Australia in 1968. Kmart Corporation, which entered 2002 as the second largest U.S. discount retailer (behind Wal-Mart Stores, Inc.) with over 2,100 outlets in 50 states, Guam, Puerto Rico, and the Virgin Islands, once so dominated the discount store marketplace that few believed any competitor could shake its mighty grip. They began to develop Kmart stores in Australia in 1968. Coles & Coy (known as Coles Myer Ltd. following a 1985 merger), thus closing out Kmart's ownership of the Australian Kmart stores. They began organising to develop Kmart stores in Australia in 1968. On the marketing side, Conaway brought back the Blue Light Special--which had been shelved in 1991--in an attempt to instill some excitement into the stores, and prices were permanently trimmed on 38,000 everyday items in a new "Blue Light Always" pricing strategy. One involved the sale of longtime subsidiary Mount Clemens Pottery. Its new merchandising credo centered around four simple words: brands, consumables, convenience, and culture. The same year, the company acquired Dunhams Stores Corporation, a sporting goods supplier already operating under license in 42 Kmarts. It also opened Sports Giant, a group of sporting goods stores, and finished the year with sales of $27.7 billion and income of $800 million. The company resorted to heavier-than-usual promotional markdowns in December 1969 and January 1970 that shaved profit margins. Kresge's eponymous outlet sold costume jewelry, housewares, and personal grooming aids. An Oregon-based chain of 164 drugstores called PayLess joined the growing lineup in 1985. Other changes included the 1978 sale of the company's 51 percent interest in Kmart (Australia) Limited to G.J. Kmart Australia Limited was born out of a joint venture between G.J Coles & Coy Limited (Coles) and S.S. Kresge Company in the United States, with Kresge owning 51% of the common stock in the company. Kresge offered economical private-label products ranging from clothing to house paint. The Martha Stewart Everyday line was expanded even further, and an agreement was reached to develop a new and exclusive line of Disney children's clothing. As the decade advanced, many homeowners moved out to the suburbs from inner-city locations; the retailers followed.

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