The Kresge Foundation known as The Detroit Future City plan. Since July 1, 2006, the foundation has been led by Rip Rapson, formerly of the McKnight Foundation. He succeeded John Marshall III as president and CEO. In 1924, with an initial gift of $1.6 million, Sebastian Kresge established The Kresge Foundation in Detroit. Twelve years earlier, he and partner John G. McCrory opened the first 5-and-10-cent store, and parlayed the concept and operations into a chain of stores that were incorporated as the S.S. Kresge Company. Many years later the enterprise became known as Kmart. The foundation and the stores are not affiliated.
Discount store Company started opening Saks Off 5th locations to sell off-price brands. American off-price chain Nordstrom Rack has announced that its first Canadian location will be opened in Vaughan Mills in 2018. The most important discount shops in Germany are Aldi, Lidl, Netto Marken-Discount, Norma and Penny. Italy has numerous discount shops. The biggest chain is Eurospin, while others include Tuodì, MD Discount, Todis, DPIU', Discount Dial, Lidl and Penny Market. Japan has numerous discount stores, including Costco, Daiso, Don Quijote (store) and The Price (owned by Ito Yokado). Action, Euroland, Big Bazar and Zeeman are Dutch discount shops. Action and