Masatoshi Ito was 98 years old. The Japanese turned his family business into a global giant.
The death must have occurred on March 10 and be due to natural causes as a result of old age, according to CNN. The Japanese billionaire was the man who turned the kiosk chain into a global giant.
– We want to express our deepest gratitude for your friendship and kindness throughout life, the company wrote in a press release.
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Huge market shares
Today, Seven & I Holdings controls more than 83,000 7-Eleven stores worldwide, and is the largest grocery chain in Japan, according to bloomberg.
In Norway, Sweden and Denmark, Reitan Convenience operates around 400 outlets.
The company was originally American when it began in 1927, but an agreement that Ito made in 1974 with then-owner, Southland Corporation, ensured that Japan’s first Eleven ships could open.
The US trip opened my eyes
A trip to the United States in 1960 completely changed Etsu’s view of the world economy and opened his eyes to how far behind Japan had ended up. Japan was still grappling with the aftermath of World War II.
– I experienced culture shock and was surprised at how rich everyone was. Consumer society and distribution technologies made this possible, she concluded during an interview with Japan Trade and Industry Journal in 1988.
Fast forward to 1991 and Ito has bought 70 percent ownership of the bankrupt company.
Thus the family company Ito Yokada, which he had run since 1958, controlled the 7-Eleven chain. Over the next few decades, Ito made 7-Eleven virtually synonymous with Asian grocery shopping. In 2005, the company changed its name to Seven & I Holdings.
Ito sat on the board as an honorary member until his death on 10 March.
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