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Masatoshi Ito, the Japanese billionaire who turned 7-Eleven convenience stores into a global empire, has died aged 98, closing the chapter on one of Asia’s most storied retail entrepreneurs.
Seven & I Holdings
(SVNDF), operator of 7-Eleven, confirmed the death in a statement on Monday, adding that Ito died from old age on March 10.
“We would like to express our deepest gratitude for your kindness and friendship during his life and respectfully inform you of his passing,” the company said.
Ito transformed everyday retail in Japan, turning a US-born company into an international brand, particularly in Asia where 7-Eleven shops are rarely more than a few minutes’ walk away in many cities.
Seven & I Holdings now operates over 83,000 stores around the world, including 7-Eleven shops in 19 regions and countries as well as the Speedway convenience store chain in the United States.
Chief competitors include the Japanese-owned Lawson and Family Mart convenience store franchises, but neither has reached the sheer size or global reach of the 7-Eleven empire.
Ito’s business acumen was influenced by his friendship with the late management consultant Peter Drucker, who described Ito as “one of the world’s outstanding entrepreneurs and business builders.
