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.