The Figure Behind the Worldwide Success of 7-Eleven Passes Away at the Age of 98, Who is He?

Dream - Japanese billionaire Masatoshi Ito, who helped transform the convenience store 7-Eleven into a global business empire, passed away at the age of 98.

In a statement, Seven & i Holdings management said he passed away on Friday, March 10, 2023.

"We sincerely thank him for his kindness throughout his life," the company statement quoted from BBC, on Tuesday, March 14, 2023.

To date, there are more than 83,000 7-Eleven stores worldwide, with a quarter of them located in Japan.

Masatoshi Ito's Business Journey

Ito's story began in 1956. He took over a small clothing store business in Tokyo run by his uncle, who was then his stepbrother.

He then renamed it Ito-Yokado and transformed the business into a comprehensive store network selling everything from food to clothing. The company went public in 1972.

Around the same time, an executive at Ito-Yokado, Toshifumi Suzuki, saw a 7-Eleven store while visiting the US.

Deal with 7 Eleven

Ito-Yokado then made a deal with the owner of 7-Eleven - the US-based Southland Corporation. As a result of the deal, the first 7-Eleven in Japan was opened in 1974. 

Ito's company then acquired majority shares in the Southland Corporation in March 1990.

"I am often asked whether I succeeded because of hard work or just luck. Actually, the answer lies somewhere in between," Ito said in an interview.

"I was fortunate to start a business right after the war - at the same time when a broad-based consumer society began to develop in Japan," Ito added.

Ito Resigns

In 1992, Ito resigned from his position at Ito-Yokado due to allegations of illegal payments made by three executives to yakuza gangsters to maintain order at shareholder meetings.

Ito-Yokado changed its name to Seven & i Holdings in 2005. The letter "i" in the name refers to Ito-Yokado and Ito, who was the honorary chairman of the company.

Ito's business journey was also influenced by his friendship with Austrian-American management guru Peter Drucker.

"In the early years of his relationship with Dr. Drucker, they would meet in America or Japan and spend long nights discussing the world economy, the Japanese economy, and the direction Ito should plan," according to the Drucker School of Management, which considers Ito its major donor.

Prof. Drucker referred to Ito as "one of the world's leading entrepreneurs and business builders."