Masatoshi Ito, the billionaire who expanded a small family-owned shop into one of Japan’s largest retailers and took 7-Eleven convenience stores global, has died. He was 98.
Ito died on March 10 due to old age, his company Ito-Yokada said in a statement Monday.
Although Ito-Yokado stores, which offered one-stop shopping for a range of items from groceries to everyday clothes, have now largely lost their prominence, Ito’s legacy nonetheless continues in the 7-Eleven franchise. The company he founded, Ito-Yokado, was the predecessor to 7-Eleven operator Seven & I Holdings.
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