• Masatoshi Ito, who founded Seven & I Holdings and then used it to acquire a majority share in 7-Eleven, has passed away. He was 98.
The New York Times writes that "Mr. Ito’s experience in retail started with a family-owned clothing store in Tokyo. He then founded Ito-Yokado, a chain of grocery stores that became the foundation for one of the world’s most valuable retail empires, earning him the admiration of management gurus at home and abroad.
"Perhaps his greatest contribution to modern Japan began in 1973, when a young executive persuaded him to bring 7-Eleven to the country. Starting with a single store in Tokyo, the deal he struck with the chain’s owners, the Dallas-based Southland company, launched a revolution in Japanese retailing that would transform everything from the way companies moved their products to the way people eat."