Ito-Yokado founder Masatoshi Ito (right) died at his home on Friday at the age of 98. On the left is Toshifumi Suzuki, former chairman of Seven and Yi Holdings. (AFP file photo)
[Instant News/Comprehensive Report]Japanese billionaire Masatoshi Ito, the founder of Ito-Yokado, and the promoter of 7-ELEVEN convenience stores all over the world, died at home on March 10 at the age of 98.
British Broadcasting Corporation (BBC)According to the report, Japan’s Seven&I Holdings (Seven&I Holdings) said in an obituary today that Ito Masatoshi passed away due to old age last Friday. “We would like to express our sincere gratitude for his dedication during his lifetime.”
In 1956, he took over the management rights of a small clothing store in Tokyo. The store was originally run by his uncle, but was later converted into a store selling various groceries by Ito Masatoshi, and renamed “Ito Yokado”.
Ito-Yokado went public in 1972. Around the same time, Toshifumi Suzuki, an executive at Ito-Yokado, discovered a 7-Eleven supermarket during his visit to the United States, which became an opportunity for 7-Eleven to expand its business scope.
Ito Yokado later reached a cooperation agreement with Southland Corporation, the owner of the 7-Eleven brand, and opened the first 7-Eleven supermarket in Japan in 1974, and then gradually expanded its scale. There are currently more than 83,000 7-Eleven supermarkets in the world, a quarter of which are located in Japan.
Ito-Yokado changed its name to Seven and I Holdings in 2005. The “I” in the name is a tribute to the founder Masatoshi Ito.
Masatoshi Ito said in an interview: “I am often asked whether I can succeed because of hard work or because I am lucky. The answer is actually both.”
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