Masatoshi Ito, who developed a retail empire in Japan and helped transform the country’s consumer culture by introducing the American convenience store 7-Eleven, passed away on Friday. He was 98.
Monday’s announcement from Seven & I Holdings, the company he created and which acquired majority control of 7-Eleven, announced his passing. It was not specified where he died.
First Store in Tokyo
Mr. Ito’s career in retail began with a Tokyo apparel company owned by his family. He eventually established Ito-Yokado, a grocery store chain that became the cornerstone of one of the world’s most lucrative retail empires, garnering him the respect of management gurus at home and abroad.
In 1973, a young executive persuaded him to introduce 7-Eleven to Japan, which may have been his biggest contribution to modern Japan.
The arrangement he signed with the chain’s owners, the Dallas-based Southland business, ushered in a retailing revolution in Japan that transformed everything from how companies transported goods to how people ate.
The company’s 1978 introduction of ready-to-eat rice balls to store shelves elevated this basic snack to a prominent position in the nation’s fast food culture.
In Japan, 7-Eleven and its competitors would open tens of thousands of convenience stores selling a variety of goods and services. The shops that are open 24 hours a day, 365 days a year have become such a vital part of daily life that the government has included them in the national infrastructure.
Under Mr. Ito, 7-Eleven Japan outgrew its predecessor, Southland, rapidly. Ito-Yokado acquired a controlling stake in the American retailer in 1991, transforming it into a Japanese corporation.
In response to allegations that Ito-Yokado had paid off Japanese racketeers who threatened to interrupt its annual meetings, Mr. Ito resigned from his position in 1992.
Chairman Masatoshi Ito
Later, Mr. Ito became honorary chairman of 7-Eleven’s holding company, Seven & I, where he continued to exert a substantial amount of influence over the firm’s activities. There are currently over 80,000 7-Eleven locations globally, with over 21,000 in Japan.
Masatoshi Ito’s parents, Senzo and Yuki, ran a Yokado dry goods store, and that’s where he was born on April 30, 1924.
After graduating from high school in 1944, Mr. Ito briefly served in the Japanese military and worked for a Japanese corporation before joining Yokado, which he eventually took over in 1956 following the death of his older brother. He created the company that would become Ito-Yokado in 1958 and Seven & I in 2005.
Mr. Ito convinced that Japan will soon follow the same path of development, devoted himself to establishing an American-style supermarket network. In the 1970s, Ito-Yokado became one of Japan’s leading merchants, going public in 1972, and he began making frequent travels to the United States.
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