Japanese billionaire Masatoshi Ito is dead

Japanese billionaire Masatoshi Ito has been announced dead at the age of 98.

Ito turned 7-Eleven convenience stores into a global empire, closing the chapter on one of Asia’s most storied retail entrepreneurs.

Operator of 7-Eleven, Seven & I Holdings, announced his death in a statement on Monday.

“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.

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Ito transformed everyday retail in Japan, turning a US-born company into an international brand, particularly in Asia where 7-Eleven shops are rarely more than a few minutes’ walk away in many cities.

Seven & I Holdings now has over 83,000 stores around the world, including 7-Eleven shops in 19 regions and countries.

Punch

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