Masatoshi Ito, Japanese billionaire behind the rise of 7-Eleven, dies at 98 | CNN Business

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. Seven & I Holdings\n \n , 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.

“It then occurred to me that people in different cultures still have basically the same desires, assuming that they are at the same of development, and I thought that Japan’s distribution system would become more like America’s as the Japanese consumer society grew bigger.” The rise of 7-Eleven The convenience store chain traces its origin to 1927, when several icehouse companies merged to form the Southland Ice Company in Dallas, Texas.

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