The Hustle

7-Eleven in Japan dials convenience up to… well, eleven.

(Photo by Stanislav/SOPA Images/LightRocket via Getty Images)

Japanese entrepreneur Masatoshi Ito died last week at 98. If you’ve ever been to Japan and marveled at its awe-inspiring 7-Elevens, you owe thanks, in part, to Ito.

In the US, 7-Eleven had sprung from the 1927 merger of several Texas icehouses, known as the Southland Ice Company. They ultimately became a chain of convenience stores, open from 7am to 11pm daily.

Masatoshi Ito…

… entered retail as the president of his family’s clothing store. In the ‘60s, he launched Ito-Yokado, a Japanese grocery chain inspired by US supermarkets.

In the 1970s, Ito-Yokado exec Toshifumi Suzuki was attempting to secure a Denny’s license, but was wowed by 7-Eleven. Japan didn’t have anything like it, and he persuaded Ito to also become a 7-Eleven licensee.

Ito-Yokado opened its first 7-Eleven in 1974 in Tokyo…

… leading to a massive boom in 24/7 convenience stores, AKA “konbini.” By the ‘80s, Ito-Yokado’s empire — which included 4k+ 7-Elevens across Japan — was generating $12B in annual sales, per The New York Times.

But why are Japanese 7-Elevens so good?

The konbini has become a place you want to go. They have:

Today, Ito-Yokado is known as Seven & I Holdings, and operates 80k+ 7-Eleven stores globally, including 21k+ in Japan.

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