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.
Ednews reports citing foreign media that Seven & I Holdings (SVNDF), operator of 7-Eleven, confirmed the death in a statement on Monday, adding that Ito died from old age on March 10.
“We would like to express our deepest gratitude for your kindness and friendship during his life and respectfully inform you of his passing,” the company said.
Ito transformed everyday retail in Japan, turning a US-born company into an international brand, particularly in Asia where 7-Eleven shops are rarely more than a few minutes’ walk away in many cities.
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.