Obituary | Masatoshi Ito, the Japanese man behind global success of 7-Eleven dies aged 98

Masatoshi Ito, the Japanese man behind the hugely successful 7-Eleven convenience store chain has died aged 98. As per a BBC report, the Japanese billionaire helped turn the store chain into a global business empire. Ito as per operator Seven & I Holdings died last Friday (March 10) due to old age. “We would like to express our deepest gratitude for your kindness and friendship during his life and respectfully inform you of his passing," said the firm.

Seven & I Holdings today operates over 83,000 stores globally. A quarter of these stores are located in Japan.

Ito is credited with changing the face of retail in Japan. He took over a small apparel store business run by his uncle and half-brother. Over the years, he turned it into an international brand that sells everything from yoghurt and cereal to clothes and medicine.

In 1956 he took over the store, after renaming it Ito-Yokado, a range of stores that sold a wide range of goods. The company went public in 1972.Ito-Yokado was subsequently, in 2005, renamed to Seven & I Holdings.

As per BBC, around the same time, while visiting the USA, an Ito-Yokado, Toshifumi Suzuki, spotted a 7-Eleven store. Soon after, the company forged a deal with 7-Eleven, a US-based Southland Corporation at the time. In 1974, Japan got its first 7-Eleven store.

The year 1992 saw Ito resigning from his position at Ito-Yokado over alleged illegal payments made by three executives to yakuza gangsters to keep order at a shareholders' meeting.

(With inputs from agencies)

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