One of Asia’s most illustrious retail entrepreneurs, Masatoshi Ito, the Japanese billionaire who built the 7-Eleven convenience store chain into a worldwide empire, passed away at the age of 98.
The owner of 7-Eleven, Seven & I Holdings (SVNDF), announced the demise on Monday and stated that Ito passed away on March 10 due to old age.
The company said in a statement, “We would like to convey our sincere gratitude for your kindness and friendship during his life and respectfully notify you of his passing.
A US-born business was transformed into an international brand by Ito, especially in Asia where 7-Eleven locations are frequently only a short walk away in many cities. Ito also revolutionized everyday retail in Japan.
Currently, Seven & I Holdings runs over 83,000 businesses worldwide, including 7-Eleven locations in 19 different regions and nations as well as the Speedway network of c-stores in the United States.
Ito’s friendship with the late management consultant Peter Drucker, who referred to Ito as “one of the world’s outstanding entrepreneurs and business builders,” had an impact on his business acumen.
Ito claimed in a 1988 interview with The Journal of Japanese Trade and Industry that he visited the US in 1960 and “experienced a kind of cultural shock at how rich everybody seemed” at a time when Japan was still healing from World War II’s effects.