Tokyo mourns the passing of Mr. Hirotake Yano, the visionary Daiso founder. To date, it's one of the biggest Japanese discount retail giant that have ventured into other countries.
Straits Times reveals Yano succumbed to heart failure at the age of 80 on February 12. A statement released by the company on February 19 conveyed that a private funeral has been held for immediate family members. With plans for a commemorative gathering in the near future.
Hirotake Yano's Upbringing
Widely recognized as a trailblazer in the dollar-shop business model, Mr. Yano amassed a net worth of approximately $1.9 billion at the time of his demise, as reported by the Bloomberg Billionaires Index.
Mr. Yano's journey to success began after graduating from Tokyo's Chuo University in 1967. Following a diverse career, which included managing his father-in-law's fishery that eventually faced bankruptcy, he began his entrepreneurial path by selling goods from the back of a truck in 1972.
Inspired by efficiency, Mr. Yano conceptualized the idea of charging a flat fee of 100 yen (S$0.90) for all merchandise. Therefore, eliminating the need for individual price tags.
In 1977, he formalized this innovative approach by incorporating Daiso, meaning "creating something big."
Through Mr. Yano's knowledge and practical foundation, Daiso flourished as it resonated with Japanese consumers grappling with stagnant wages and economic challenges, seeking value-for-money goods. In fact, the success of Daiso's unique business model extended beyond Japan, gaining popularity in various countries.
As of December, the closely held company boasted 4,360 domestic stores and 990 overseas locations, with annual revenue reaching 589.1 billion yen in the fiscal year ending February 2023, according to its official website.
The legacy Daiso Founder Hirotake Yano lives on in the impact he made on the retail landscape-in which he offered affordable and accessible goods to countless customers around the globe.
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