Japanese Discount Retailer Daiso Founder Hirotake Yano Passes Away at 80
A Pioneer of the 100 Yen Store Concept
Image source: Getty Images
Published: 20 February 2024, 02:07 GMT
Updated: 20 February 2024, 02:07 GMT
Hirotake Yano, the billionaire founder of Japanese discount retailer Daiso, has passed away at the age of 80 due to heart failure. His visionary business model revolutionized the retail industry, making Daiso a household name worldwide.
A Revolutionary Business Model
Daiso, often referred to as a 100 yen ($0.67; £0.53) store similar to pound shops, became a resounding success under the leadership of Hirotake Yano. Mr. Yano opened his very first discount retailer in 1972, pioneering the dollar shop business model that propelled his company to new heights.
The Origin of Daiso
The journey to success started in 1972 when Mr. Yano, only 29 years old at the time, established Yano Shoten, a street vending shop in Japan. Five years later, he rebranded the company as Daiso, reflecting his ambition to “create something big.” Daiso quickly made a name for itself by offering all items at a flat price of 100 yen.
Global Expansion and Adaptation
As the Japanese economy faced stagnation in the 1990s, price-conscious customers embraced Daiso’s business model, paving the way for its global expansion. By the end of 2023, Daiso boasted over 4,360 stores in Japan and nearly 1,000 shops worldwide, spanning Asia, North America, and the Middle East. While the company has adjusted its pricing approach over time, offering goods at multiples of 100 yen, it remains a leading supplier of living ware with an extensive range of over 70,000 different items in stock.
A Lasting Legacy
Hirotake Yano’s entrepreneurial spirit and innovative vision left an indelible mark on the retail landscape. The business model he pioneered continues to shape the industry worldwide. Mr. Yano’s dedication and success resulted in amassing a net worth of $1.9 billion, according to the Bloomberg Billionaires Index.
Hirotake Yano’s passing is mourned by industry professionals and customers who recognize the immense impact of his lasting contributions to the retail world. His leadership and pioneering spirit will forever remain an inspiration to future generations.
