Kazuo Wada
Kazuo Wada, male, was a Japanese entrepreneur.
Biography
Kazuo Wada was born in Odawara, Kanagawa Prefecture, in 1929.[1] He grew up in Atami, Shizuoka Prefecture. After graduating from the Economics Department of Nihon University in 1951,[2] he developed his parents’ fruit and vegetable store in Atami into a leading supermarket. In 1962, he renamed the business to "Yaohan Department Store" and became president.
In 1971, Wada successfully expanded overseas. In 1984, he opened the first Yaohan department store in Hong Kong and moved the Yaohan Group headquarters to Hong Kong. In 1990, he and his family relocated to Hong Kong.
In 1992, Wada optimistically invested in Hong Kong’s Lam Tin and Tin Shui Wai real estate markets, purchasing Laguna Plaza and the Kingswood Ginza shopping mall (the latter sold the same year and now called Kingswood Ginza Mall). The Laguna Plaza branch became the only self-owned Yaohan location, occupying the 4th and 5th floors. The 4th floor housed a supermarket and food court, while the 5th floor had clothing, toys, household goods, and electronics sections. The complex also included restaurants and businesses owned by the Yaohan Group.
In 1995, Yaohan opened Asia's largest department store in Shanghai, attracting over 1.07 million customers on its first day.[3]
In 1994, Wada handed control of Yaohan to his brother Akimasa Wada and focused on expanding in Asia. However, Yaohan reported deficits the same year. In 1995, Akimasa Wada was arrested for accounting fraud.[4] Due to loss of trust, Yaohan quickly declined and declared bankruptcy in 1997.
Six months before the bankruptcy, Wada returned to Japan with a rescue plan. He reached an agreement with Daiei Co. Ltd., selling 16 stores and securing 32 billion yen, which he promptly returned to the bank. However, the bank failed to uphold its end and refused to provide further loans.[5]
In 1998, Wada launched the Wada Management School to train managers for small- and medium-sized enterprises. In 2000, he launched the “Internet International Management School” to answer entrepreneurial questions.[4]
On August 19, 2019, at 2:54 a.m., he passed away at home in Izunokuni, Shizuoka Prefecture, aged 90.[6]
Family
Kazuo Wada had one son and three daughters, all married. His mother, Wada Katsu, is believed to have inspired the protagonist of the NHK drama "Oshin."[7]
Related Books
- Kazuo Wada. "Phoenix: Kazuo Wada's Autobiography of the Past and Present". Translated by Xu Jingbo. Baijia Publishing. January 2001. ISBN 9787806564080 .
- Tang Jian. "Kazuo Wada: An Inspirational Story of a Man from Zero to Billions and Then Bankruptcy". China Three Gorges Publishing House. August 2006. ISBN 9787802232068 .
- Kazuo Wada. Comeback: A New Journey Beginning at the Age of Seventy-Seven. Translated by Xu Jingbo/Yan Hui. Fudan University Press. June 2006. ISBN 9787309050172 .
References
- ↑ https://zh.wikipedia.org/wiki/%E5%92%8C%E7%94%B0%E4%B8%80%E5%A4%AB#cite_ref-1
- ↑ https://zh.wikipedia.org/wiki/%E5%92%8C%E7%94%B0%E4%B8%80%E5%A4%AB#cite_ref-2
- ↑ https://zh.wikipedia.org/wiki/%E5%92%8C%E7%94%B0%E4%B8%80%E5%A4%AB#cite_ref-3
- ↑ 4.0 4.1 https://zh.wikipedia.org/wiki/%E5%92%8C%E7%94%B0%E4%B8%80%E5%A4%AB#cite_ref-hqsb_4-0
- ↑ https://zh.wikipedia.org/wiki/%E5%92%8C%E7%94%B0%E4%B8%80%E5%A4%AB#cite_ref-5
- ↑ https://zh.wikipedia.org/wiki/%E5%92%8C%E7%94%B0%E4%B8%80%E5%A4%AB#cite_ref-6
- ↑ https://zh.wikipedia.org/wiki/%E5%92%8C%E7%94%B0%E4%B8%80%E5%A4%AB#cite_ref-7