Billionaire Founder of Japanese Discount Retailer Daiso Dies at 80
The retail world mourns the loss of Hirotake Yano, the billionaire founder of Japanese discount retailer Daiso. Yano, aged 80, passed away on February 12th due to heart failure. The news was announced by Daiso in a statement released on Monday. A private funeral has already been held by close family members to honor his memory.
Daiso, often referred to as a “100 yen store” (equivalent to $0.67 or £0.53), is a popular discount retailer in Japan, similar to pound shops in the UK. Yano, considered a pioneer of the dollar shop business model, opened his first discount retailer in 1972. The company expressed their deep sadness in the announcement on their website, stating, “It’s with profound sadness that we announce the passing of Founder and Former President of Daiso Industries Company Limited, Mr Hirotake Yano.”
Yano’s journey to success was not without its challenges. After graduating from Tokyo’s Chuo University in 1967, he held various jobs, including running his father-in-law’s fishery, which unfortunately went bankrupt. Undeterred by this setback, Yano established his first business at the age of 29—a street vending shop called Yano Shoten, or Yano Store. In 1977, he rebranded the company as Daiso, meaning “create something big.” This change marked the beginning of an era for the company.
Daiso gained popularity as the Japanese economy faced stagnation in the 1990s, leading customers to become more price-conscious. Yano’s business model revolutionized the retail industry and became popular worldwide. By the end of 2023, Daiso had an impressive 4,360 stores in Japan and nearly 1,000 shops globally, including outlets in Asia, North America, and the Middle East.
Daiso’s success can be attributed to its commitment to affordability and variety. Initially, all items were priced at 100 yen each, simplifying the shopping experience for customers. However, as the company expanded and evolved, it had to adapt its pricing strategy. Daiso now sells goods at multiples of 100 yen and boasts a staggering inventory of over 70,000 different items. Additionally, the company prides itself on its innovation, developing over 1,000 new products every month. With such a wide range of offerings, Daiso has rightfully earned the title of “Japan’s No.1 living ware supplier.”
Hirotake Yano’s entrepreneurial spirit and dedication to providing affordable options for consumers propelled him to great success. According to the Bloomberg Billionaires Index, he had a net worth of $1.9 billion. His legacy will undoubtedly live on through Daiso and its continued commitment to delivering quality products at affordable prices.
The retail industry has lost a visionary leader, but the impact of Hirotake Yano’s contributions will continue to shape the way we shop for years to come. As we bid farewell to this remarkable entrepreneur, we remember his determination, innovation, and unwavering commitment to creating something big.