Current:Home > FinanceMasatoshi Ito, who brought 7-Eleven convenience stores to Japan, has died-LoTradeCoin
Masatoshi Ito, who brought 7-Eleven convenience stores to Japan, has died
View Date:2024-12-23 19:58:49
Masatoshi Ito, the billionaire Japanese businessman who made 7-Eleven convenience stores a cultural and consumer staple of the island nation, died last week. He was 98.
According to an announcement from Ito's company, Seven & i Holdings, the honorary chairman died of old age.
"We would like to express our deepest gratitude for your kindness during his lifetime," the firm's statement read.
Previously called Ito-Yokado, the company opened the first location of the American retail chain in Japan in 1974. Over the following decades, 7-Eleven's popularity exploded in the country.
In 1991, Ito-Yokado acquired a majority stake in Southland Corporation, the Dallas-based company that owned 7-Eleven, effectively taking control of the chain.
Ito resigned one year later over alleged payments by company officials to "yakuza" members, the BBC reported. However, he stayed connected to the company he founded as its growth of the 7-Eleven business saw massive success.
By 2003, there were more than 10,000 7-Eleven stores across Japan. That number doubled by 2018.
Japanese convenience stores known as konbini are ubiquitous throughout the country, but 7-Elevens there may look different than what American consumers are used to.
The glistening stores offer, among other things, ready-to-eat sushi, rice balls called onigiri and a wide array of sweets and baked goods. Popular TikTok videos show users shopping at 7-Elevens in Japan — and often prompt comments from envious customers elsewhere in the world.
At the time of his death, Ito had a net worth of $4.35 billion, according to Forbes, which made him Japan's eighth-richest person.
veryGood! (737)
Related
- Kevin Costner says he hasn't watched John Dutton's fate on 'Yellowstone': 'Swear to God'
- NASCAR Cup Series 2024 schedule from The Clash and Daytona 500 to championship race
- Dan Campbell is wrong. The Lions will rise again. If any questions, he can ask Andy Reid.
- Tennessee football program, other sports under NCAA investigation for possible NIL violations
- Sean Diddy Combs' Lawyers File New Motion for Bail, Claiming Evidence Depicts a Consensual Relationship
- U.S. Sen. Joe Manchin’s wife, Gayle, hospitalized in stable condition after Birmingham car crash
- Another Super Bowl bet emerges: Can Taylor Swift make it from her Tokyo show in time?
- New British Virgin Islands governor faces heated debate over sovereignty and corruption
- The Best Gifts for Men – That He Won’t Want to Return
- Iran executes 4 convicted of plotting with Israeli intelligence to attack defense factory, state media say
Ranking
- The Office's Kate Flannery Defends John Krasinski's Sexiest Man Alive Win
- At least 2 people hospitalized after Amtrak train hits milk truck in Colorado
- UN urges rivals in Cyprus to de-escalate tensions and seize opportunity to restart negotiations
- Notorious bombing fugitive Satoshi Kirishima reportedly dies after nearly half a century on the run in Japan
- Mike Tyson vs. Jake Paul fight odds will shift the longer the heavyweight bout goes
- The Best Planners for Staying Organized and on Top of Everything in 2024
- Tickets to Super Bowl 2024 are the most expensive ever, Seat Geek says
- Rep. Cori Bush under investigation by Justice Department over security spending
Recommendation
-
Klay Thompson returns to Golden State in NBA Cup game. How to watch
-
Residents of an east Arkansas town have been without water for the past two weeks
-
Gisele Bündchen mourns death of mother Vânia Nonnenmacher: 'You were an angel on earth'
-
US figure skaters celebrate gold medal from Beijing Olympics with a touch of bittersweetness
-
The results are in: Peanut the Squirrel did not have rabies, county official says
-
NFL mock draft 2024: Five QBs taken in top 12 picks? Prepare for a first-round frenzy.
-
SpaceX launches Northrop Grumman cargo ship to space station
-
Trump will meet with the Teamsters in Washington as he tries to cut into Biden’s union support