The billionaire who turned 7-Eleven into a defunct global business empire

Masatoshi Ito, the billionaire who helped turn the convenience store 7-Eleven into a global business empire. He died aged 98, according to a BBC report on Monday (March 13).

A statement from Seven & i Holdings said Ito died on Friday of old age. “We would like to express our sincere thanks to you. for your mercy throughout your life.”

There are now more than 83,000 7-Eleven stores worldwide, about a quarter of which are located in Japan.

In 1956, Ito took over a small cloth shop in Tokyo. run by his relatives He was then renamed Ito-yokado and the business transformed into a one-stop chain of shops selling everything from groceries to clothes. It was then listed on the stock market in 1972.

Around the same time, Ito-Yokado executive Toshifumi Suzuki came across a 7-Eleven store during a visit to the United States.

Later, Ito-Yokado entered into an agreement with Southland Corporation, the owner of 7-Eleven in the United States, and opened the first 7-Eleven store in Japan in 1974. Ito’s company then moved to acquire a controlling stake in Southland Corporation in March 1990

“I get asked a lot. Whether I am successful because I work hard or I am lucky. The real answer is both.” Ito once said in an interview. “I was lucky to start a business straight after the war. during the same period Society that emphasizes consumption on a broad basis Began to form in Japan. “

In 1992, Ito resigned from his position at the company. Ito-yokado Amid accusations three senior executives paid illegal payments to the yakuza. to keep order during the shareholders’ meeting

Ito-yokado The name was changed to Seven and I Holdings in 2005, where the word i in the company name comes from Ito-yokado. and the name of Ito himself who was appointed honorary president of the company

Masatoshi Ito is widely regarded in the business community as He is the person who made the 7-Eleven convenience store successful. and became the first comprehensive convenience store brand in Japan.

(Source: BBC)