Masatoshi Ito
Masatoshi Itō | |
|---|---|
| Born | 30 April 1924 Tokyo, Japan |
| Died | 10 March 2023 (aged 98) |
| Occupation | Entrepreneur |
| Known for | Founder of Ito-Yokado |
was a prominent Japanese entrepreneur and the founder of Ito-Yokado.
Early life and career
Born in Tokyo on 30 April 1924, Itō was the son of Senzo and Yuki Itō, who managed a dry goods store called Yokado. After completing high school, he briefly served in the Japanese armed forces and gained experience at the company that would become Mitsubishi Materials. He then returned to assist with the family enterprise. Upon the passing of his brother in 1956, Itō assumed control of Yokado, which at the time specialized in clothing, and rebranded it as Ito-Yokado.
As founder, owner, and honorary chairman, Itō led the Ito-Yokado group to become a retail giant valued at $30 billion, ranking as the second-largest retailer worldwide. The group operated over 10,000 7-Eleven convenience stores across Japan and the United States. Under his leadership, the business evolved from a modest apparel outlet into a corporation with annual revenues exceeding $28 billion and a workforce surpassing 125,000 employees. The Ito-Yokado Group’s portfolio included approximately 10,000 7-Eleven locations in Japan, 5,800 across North America, and nearly 1,000 additional establishments such as department stores, dining venues, specialty retailers, supermarkets, and superstores. Furthermore, it held the Japanese franchise rights for Oshman's Sporting Goods, Robinson department stores, and Denny's restaurants. The company also embarked on launching superstores within China.
In 1992, Itō stepped down from his presidential role following accusations that members of his staff had made payments to the yakuza. While he denied direct involvement in these transactions—some of which were linked to his wife's bank account—he acknowledged his overall responsibility for the matter.
Peter F. Drucker and Masatoshi Ito Graduate School of Management
Itō played a significant role as a benefactor of the Peter F. Drucker and Masatoshi Ito Graduate School of Management, initially donating $3 million to support the establishment of its facilities and later contributing an additional $20 million. His son Junro obtained an MBA from the Drucker School in 1989 and maintained active participation within its alumni community in Japan.
Personal life and death
Itō was married and fathered three children. He died on 10 March 2023 at the age of 98.