Hirotake Yano, the esteemed founder of the renowned Japanese discount retailer Daiso, has passed away at the age of 80 due to heart failure.
In an official statement issued on Monday, Daiso announced Mr. Yano’s peaceful passing on February 12, with a private funeral already held among immediate family members.
Daiso, often referred to as a 100 yen ($0.67; £0.53) store akin to pound shops, owes its inception to Mr. Yano’s visionary entrepreneurship.
“It is with deep sorrow that we bid farewell to Mr. Hirotake Yano, Founder and Former President of Daiso Industries Company Limited, who passed away last Monday,” expressed Daiso on its website, extending condolences to his family and friends.
A commemorative gathering to honor Mr. Yano’s legacy is planned for the near future, the statement further noted.
Mr. Yano’s entrepreneurial journey commenced after his graduation from Tokyo’s Chuo University in 1967. Following various career endeavors, including managing his father-in-law’s fishery until its unfortunate bankruptcy, he established his inaugural business venture in 1972, named Yano Shoten, or Yano Store.
Renaming the enterprise to Daiso five years later, which translates to “create something big,” Mr. Yano introduced the groundbreaking concept of offering all items at a fixed price of 100 yen each, simplifying the shopping experience for customers.
Amidst Japan’s economic challenges in the 1990s, Daiso thrived, resonating with increasingly price-conscious consumers.
Mr. Yano’s innovative business model transcended borders, influencing discount retail markets globally. By the end of 2023, Daiso boasted over 4,360 stores in Japan and nearly 1,000 outlets worldwide, spanning Asia, North America, and the Middle East.
Evolving with the times, Daiso adapted its pricing strategy to encompass multiples of 100 yen while maintaining its commitment to offering an extensive product range. With a repertoire exceeding 70,000 items and introducing over 1,000 new products monthly, Daiso has positioned itself as “Japan’s No.1 living ware supplier.”
According to the Bloomberg Billionaires Index, Mr. Yano’s entrepreneurial legacy is accompanied by a net worth of $1.9 billion.
As the world mourns the loss of a visionary leader, Mr. Hirotake Yano’s contributions to the retail industry and his enduring impact on global consumer culture will be cherished and remembered.
