Masatoshi Ito Wiki – Bio
Masatoshi Ito, the Japanese billionaire who helped turn 7-Eleven convenience stores into a global business empire, died on March 10, 2023, at the age of 98. What is the cause of death read more.
He died of old age last Friday, operator Seven&I Holdings said in a statement. We would like to express our sincere gratitude to him for his kindness during his lifetime,” the firm said. There are more than 83,000 7-Eleven stores worldwide, a quarter of which are located in Japan.
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Masatoshi Ito was 98 years old.
Masatoshi Ito Career
In 1956, Mr. Ito took over a small clothing store business in Tokyo that was run by his uncle then half-brother. Mr. Ito later renamed it Ito-Yokado and turned the business into a chain of one-stop stores that sold everything from groceries to clothing. It went public in 1972.
Around the same time, Toshifumi Suzuki, an Ito-Yokado executive, saw a 7-Eleven store during a visit to the United States. Ito-Yokado later struck a deal with 7-Eleven’s owner – the US-based Southland Corporation – and opened Japan’s first 7-Eleven in 1974. Mr. Ito’s firm moved to acquire a controlling stake in Southland Corporation in March 1990. I’m often asked if I succeeded because of hard work or because I was just lucky. Actually, the answer is something of both,” Mr. Ito said in an interview. “I was fortunate to start the business right after the war – just as a broad-based consumer society was beginning to develop in Japan.
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In 1992, Mr. Ito resigned from his position at Ito-Yukado after three executives allegedly made illegal payments to yakuza gangsters to maintain order at shareholders’ meetings. Ito-Yokado was renamed Seven & I Holdings in 2005. The “i” in its name is a nod to Ito-Yokado and Mr. Ito, who was the company’s honorary chairman.
Mr. Ito was also influenced by his friendship with the Austrian-American management guru Peter Drucker. According to the Drucker School, “In the early years of my relationship with Dr. Drucker, the two would connect in America or Japan and spend long evenings discussing the world economy, the Japanese economy, and Mr. Ito’s direction of planning.” management, which counts Mr. Ito as a major donor. Professor Drucker called Mr. Ito “one of the world’s preeminent entrepreneurs and entrepreneurs.”
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