Seven & i honorary chairman and Ito-Yokado founder Ito dies at 98
Masatoshi Ito, the founder of Japan's Ito-Yokado retail group that became the holding company of 7-Eleven convenience stores, has died at the age of 98, Seven & i Holdings Co. said on Monday.
The company said Ito died of old age on Friday and funeral services were limited to immediate family.
Ito served as honorary chairman of Seven & i Holdings, which operates about 80, stores worldwide, including 7-Eleven shops and the Speedway convenience store chain in the United States.
Management expert Peter Drucker called Ito "one of the world's outstanding entrepreneurs and business builders" in a biography posted by the Drucker School of Management, to which Ito was a major donor.
The company dates back to when Ito's uncle opened a clothing store named Yokado in Tokyo, and the group reorganized under the Seven & I brand in
Seven & I said last week it would close 14 Ito-Yokado supermarkets in Japan and fully exit from the apparel business as part of a structural reform plan.
The company has been under pressure from U.S. investor ValueAct Capital to sell off low-performing assets, and recently the
7-Eleven is a convenience store chain that has become a household name in many countries in the world. From its humble beginnings as an ice house in Texas in , it has grown into a global retail giant with more than 83, stores in 19 countries.
The founder of Ito-Yokado retail group, the holding company of 7-Eleven convenience stores, Masatoshi Ito passed away on 10 March , at the age of 98, due to old age.
The Early Days of 7-Eleven
7- Eleven started as an ice house in when the Southland Ice company began selling ice blocks to households to keep their food fresh. However, with the advent of electric refrigerators, the demand for ice declined rapidly. In , southland Ice company’s president, John Jefferson Green, decided to start selling milk, bread, and eggs in addition to ice to increase revenue.
Thus, the first convenience store was born, with extended hours of operation to cater to those who worked late shifts or had irregular schedules. The store was open from 7 am to 11 pm, hence the name 7-Eleven. The concept was a huge success, and by , Southland had opened stores.
Masatoshi Ito and 7-Eleven’s Expansion
In Masatoshi Ito to
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