Masatoshi Itō, the Japanese billionaire businessman who transformed 7-Eleven into a global retail giant, died at the age of 98..Seven & I Holdings — the company in which he was honourary chairman — announced Itō passed away just before noon March 10, 2023, citing old age as the cause of his death..Born on April 30, 1924, Itō took over his brother’s clothing shop following his death in 1956 and subsequently renamed the Tokyo store Ito-Yokado..A visit to the US would inspire the businessman to bring commercial shopping to Asia, striking a deal with Southland Corporation to open the first 7-Eleven in Japan in 1974. The grocery chain would explode in the Asian market, with Japan alone now host to around 30% of the world’s 7-Elevens..Ito-Yokado took a controlling stake in Southland Corporation in 1991, before he resigned as chairman the following year in the wake of a payments scandal at the company..The company was renamed Seven & I Holdings in 2005, with Itō himself remaining as honourary chairman until his death..Itō is survived by his wife and three children.
