Masatoshi Ito, who introduced 7-Eleven comfort shops to Japan, dies: NPR
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Masatoshi Ito, the Japanese billionaire businessman who made 7-Eleven comfort shops the island nation’s cultural and client product, handed away final week. He was 98 years previous.
In response to Ito’s firm, Seven & i Holdings, the honorary chairman has died of previous age.
“We want to categorical our deepest gratitude on your kindness throughout his lifetime,” the agency stated in an announcement.
Previously generally known as Ito-Yokado, the corporate opened the primary American retail chain in Japan in 1974. Within the following many years, the recognition of 7-Eleven within the nation elevated dramatically.
In 1991, Ito-Yokado acquired a majority stake in Southland Company, the Dallas-based firm that owned 7-Eleven, successfully taking management of the chain.
In response to the BBC, Ito resigned a 12 months later over alleged funds by firm officers to yakuza members. Nevertheless, he remained in contact with the corporate he based as its development of the 7-Eleven enterprise was an enormous success.
By 2003, there have been over 10,000 7-Eleven shops in Japan. By 2018, that quantity has doubled.
Japanese comfort shops generally known as combi ubiquitous throughout the nation, however 7-Elevens there could look totally different than what American customers are used to.
Shiny shops supply, amongst different issues, ready-to-eat sushi, rice balls referred to as onigiri and a variety of sweets and pastries. In style TikTok movies present customers buying at 7-Elevens in Japan and infrequently elicit feedback from envious clients all over the world.
In response to Forbes, Ito’s internet price was $4.35 billion on the time of his demise, making him the eighth richest individual in Japan.