Masatoshi Ito, a prominent Japanese billionaire, has passed away at the age of 98, marking the end of an illustrious career in retail entrepreneurship. Ito’s legacy includes his transformation of 7-Eleven convenience stores into a thriving global empire, which has made a significant impact on the convenience store industry.
The company that operates 7-Eleven, Seven & I Holdings, confirmed his death in a statement released on Monday.
The statement reads: “We would like to express our deepest gratitude for your kindness and friendship during his life and respectfully inform you of his passing,”.
Ito’s leadership had a profound impact on the retail industry in Japan, as he successfully transformed a company originally from the US into an internationally recognized brand, particularly in Asia where 7-Eleven stores are ubiquitous, with many cities having several within just a few minutes’ walk.
This strategy resulted in Seven & I Holdings now boasting an impressive network of over 83,000 stores across the globe, which includes 7-Eleven outlets located in 19 different regions and countries.
