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, operator of 7-Eleven, confirmed the death in a statement on Monday, adding that Ito died from old age on March 10.
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. In a 1988 interview with The Journal of Japanese Trade and Industry, Ito said he traveled to the US in 1960 and"experienced a kind of cultural shock at how rich everybody seemed" at a time when Japan was recovering from the aftermath of World War II.
To reflect their extended hours of operation, the stores were renamed in 1946 as 7-Eleven: open from 7 a.m. to 11 p.m. According to state broadcaster NHK, Ito got his start in 1958, when he became the president of a small apparel store in Tokyo that was run by his family.
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