One of the well-known holding companies of 7-Eleven Convenience stores, Japan’s Ita-Yakoda’s founder, Ito-Yokado sadly passed away at the age of 98. It is such heartbreaking news for those who knew him personally and had worked with him during his career. According to the sources, the news of his sudden passing was confirmed by Seven & i Holdings Co on Monday, March 13, 2023. Unfortunately, Mr Ito took his last breath on March 10 due to his age-related health issues as he was 98 years old at the time of his death. The news of his passing and cause was confirmed by the company in a statement and earlier reports by local media.
Since the news of his sudden passing was confirmed on the Internet, his colleagues and friends paid tributes to him and offered their deep sorrow to the family members who are going through a difficult time as they lost their beloved family member who has gone from this world leaving his family and closed ones devastated. The Ita-Yokado stores that offered one-stop shopping for all the essential things from groceries to everyday clothes, lost their luster long ago, Mr Ito’s legacy continued in the 7-Eleven franchise, His company was the predecessor to 7-Eleven operator Seven & i Holdings.
How Did Ito-Yokado Die?
Almost 83,000 7-Eleven stores may be found all over the world, with Japan home to nearly a quarter of them. According to the Bloomberg Billionaire’s Index, Mr. Ito was the company’s largest shareholder and had a net worth of US$5 billion (S$6.8 billion). Peter Drucker, a Management expert called Ito “One of the world’s outstanding entrepreneurs and business builders” in a biography posted by the Drucker School of Management.
Born as Masatoshi Ito in 1924 in Japan. He was a well-known Japanese billionaire businessman. He was the owner, founder, and chairman of $30 billion Ito-Yokado retailing group, which is the second largest retailing organization in the world, and also includes over 10,000 7-Eleven in Japan and the US. Mr Ito started with a small apparel store in Tokyo into a corporation with annual revenues of over $28 billion and a labor force of more than 125,000.
With this, the company has been under pressure from US investor ValueAct Capital to sell off low-performing assets, and recently the fund urged shareholders to back a spin-off of the 7-Eleven chain. Unfortunately, Mr Ito had said goodbye to all of them who loved him a lot. He will be always remembered by his family and friends. Stay tuned with us to know more.