Tokyo, Japan – Hirotake Yano, the billionaire founder of Japanese discount retailer Daiso, has passed away at the age of 80 due to heart failure. Yano was a pioneer in the dollar shop business model, establishing the first Daiso store in 1972.
Daiso, commonly known as a 100 yen store, became successful as the Japanese economy suffered in the 1990s. Aiming to cater to price-conscious customers, Yano’s business model quickly gained popularity and eventually expanded globally.
After graduating from Tokyo’s Chuo University in 1967, Yano ventured into different jobs until finally opening his first business, a street vending shop called Yano Shoten. Five years later, he renamed the company Daiso, focusing on offering all items for 100 yen each.
Daiso quickly expanded, boasting 4,360 stores in Japan and nearly 1,000 shops worldwide by the end of 2023. It has become known for its diverse stock, with over 70,000 different items available, and its commitment to developing over 1,000 new products monthly.
Yano’s legacy and business model have left a significant impact, with discount stores worldwide following his lead. Despite changes in pricing strategies, Daiso remains a top living ware supplier in Japan.
Yano’s influence in the retail industry was substantial, and his net worth was estimated at $1.9 billion, according to the Bloomberg Billionaires Index. Daiso has not yet announced succession plans following Yano’s passing.