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.
Chase-Newark Chase-Newark Chase-Newark was a short lived, upper middle-market Department Store based in Newark, New Jersey. The company also operated 2 suburban stores during its three-year history. Chase-Newark was founded early in 1964 when David Chase purchased the Kresge-Newark Department stores from the Kresge Foundation, and leased back 5 floors of the downtown Newark location [1]. When Sebastian Kresge (the founder of Kresge-Newark) died a foundation was set up to run the stores that bore his name. David Chase could have used the Kresge name but instead re-branded the stores Chase-Newark, as he planned to refocus the stores to be (like