Masatoshi Ito: Billionaire behind global success of 7-Eleven passes away at 98

Masatoshi Ito, the Japanese billionaire who played a significant role in transforming 7-Eleven convenience stores into a global business empire, has passed away at 98 due to old age, according to Seven & i Holdings, the operator of 7-Eleven stores.

The firm expressed its appreciation for Mr Ito's kindness during his lifetime. With over 83,000 stores worldwide, a quarter of which are in Japan, 7-Eleven is now a prominent convenience store brand.

Mr Ito inherited a small apparel store in Tokyo from his uncle and half-brother in 1956, which he later renamed Ito-Yokado and transformed into a chain of one-stop stores selling a wide range of products, from groceries to clothing. The company went public in 1972, and around the same time, one of its executives, Toshifumi Suzuki, discovered a 7-Eleven store during a visit to the United States.




In 1974, Ito-Yokado agreed with the US-based Southland Corporation, the owner of 7-Eleven, to open Japan's first 7-Eleven store. Later, in March 1990, Mr Ito's company acquired a controlling stake in the Southland Corporation.

When asked about his success, Mr Ito said in an interview that it was a combination of hard work and good fortune, as he started his business while Japan's consumer society was emerging after World War II.

In 1992, Mr Ito stepped down from his position at Ito-Yokado due to allegations of illegal payments made by three executives to yakuza gangsters to maintain order at a shareholders' meeting.

In 2005, the company was renamed Seven & i Holdings, with the "i" symbolizing Ito-Yokado and Mr Ito, the honorary chairman. Mr Ito was also influenced by his friendship with Austrian-American management expert Peter Drucker.

FAQs

1. When did 7-Eleven start?
   1927
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