TokyoReuters —
Toshifumi Suzuki, the founder of 7-Eleven Japan and widely considered the father of Japan’s convenience store industry, died of heart failure on May 18, Seven & i Holdings announced on Monday. He was 93 years old.
Born in Nagano Prefecture in 1932, Mr. Suzuki worked at a book wholesaler before joining the retailer Ito-Yokado in 1963. Ignoring the skepticism at the time, Suzuki partnered with American 7-Eleven operator Southland to launch 7-Eleven Japan in 1973, opening its first store in Tokyo the following year.
He pioneered the use of data to adjust inventory, built a business model around ready-to-eat foods and rapid inventory turns, and helped turn convenience stores into the cornerstone of Japan’s retail industry.
Japan has more 7-Eleven stores than anywhere else.
Japan has more 7-Eleven stores than anywhere else.
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Mr. Suzuki also successfully restructured and rescued Southland in the early 1990s after 7-Eleven’s parent company filed for bankruptcy due to massive debts from a leveraged buyout.
Suzuki founded Seven & i Holdings in 2005 and oversaw its expansion into a retail conglomerate. An avid reader, he resigned as chairman in 2016 following a management dispute, but remained an influential figure in Japan’s retail industry.
