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The well-known businessman Masatoshi Ito passed away on March 10, 2023, at the age of 98. Although the cause of death was not revealed, Seven & I Holdings stated that he died due to age-related issues.
The company also shared a statement that mentioned:
"We would like to express our deepest gratitude for your kindness and friendship during his life and respectfully inform you of his passing."
Ito is survived by his wife and three children, but their identities have not been revealed yet.
Masatoshi Ito earned a lot from his career as a businessman
Masatoshi Ito was mostly known as the founder of Ito-Yokado, a popular merchandise, shopping center, grocery store, and department store. This helped him accumulate a lot of wealth and according to CelebrityNetWorth, his net worth was estimated to be around $3.5 billion.
Ito-Yokado managed to launch around 178 stores in 2013 in Japan. Their journey began in Chengdu, where six stores are still in operation along with eight in Beijing. The number of stores in China had increased to 14 by January 2013.
It was initially a holding company for businesses, including banks, convenience stores, and restaurants. It is now a subsidiary and the main operating company of Japan's largest retail conglomerate Seven & I Holdings' domestic superstore business.
Seven & I Holdings has launched more than 80,000 stores worldwide and this includes 7-Eleven shops that are currently operating in 19 locations. Although they are facing some competition from Lawson and Family Mart convenience store franchises, it isn't impacting their business negatively.
Masatoshi Ito has contributed to making 7-Eleven a global brand that is involved in selling various products. Ito always aimed to become an entrepreneur and he even sold food and other necessary items at the beginning of his career. In an interview in 1998, Ito said that the idea of 7-Eleven turned out to be successful because he worked very hard and had good luck.
7-Eleven originated in 1927 when icehouse companies combined to establish the Southland Ice Company in Dallas, Texas. They were known as Tote'm Stores in the beginning but it was changed to 7-Eleven in 1946 and they remained open from 7 am to 11 pm.
The stores have gained recognition for their large drink sizes and 24-hour accessibility. The beverages are available in sizes of more than 128 ounces and the size of the Double Gulp was changed to 50 ounces in 2012.
He also developed a close friendship with Peter Drucker, which began as a client-consultant relationship. The duo would meet in America or Japan to discuss the world economy and the direction Ito should make his plans in.
