C-Store Pioneer Toshifumi Suzuki Dies

Toshifumi Suzuki, the former chairman of 7-Eleven parent company Seven & I Holdings and pioneer of the convenience store model in Japan, has died, report a variety of news sources, including The Japan Times. Suzuki, 93, passed away earlier this month, the company announced. He had most recently served as an honorary adviser to the enterprise.

Suzuki is best-known for bringing 7-Eleven stores to Japan from the U.S. and subsequently turning Seven & I Holdings into a global giant. According to the company’s history, Suzuki came upon the 7-Eleven concept in the 1970s, when he was in the U.S. to negotiate a licensing deal with the Denny’s family restaurant chain. Struck by its convenience, he said in interviews later that he felt compelled to bring the 7-Eleven concept to Japan instead.

“His vision proved revelatory for Japan, serving as a lifeline for people with long working hours and providing neighborhood necessities for working households,” the Times story noted. “Competitors quickly sprung up — namely Lawson, which also originated in the U.S., and homegrown FamilyMart. But 7-Eleven remains the largest chain, with 21,941 stores across Japan and a total of 85,000 stores worldwide.”

In 1990, Suzuki acquired the American parent company of 7-Eleven after it filed for bankruptcy, and expanded the business globally.  But in 2016, he abruptly quit as CEO after failing to gain board support amid a battle with U.S. activist investor Daniel Loeb. Suzuki told reporters the move was his way of taking responsibility for the failure of a management reshuffle. He declined to name a successor, merely saying he wasn’t worthy of the job.

Since then, the chain has faced several challenges, including a failed takeover attempt last year by a much-smaller Canadian rival, Alimentation Couche-Tard, and the recent announcement that it is was postponing a planned public stock offering for its U.S. arm until next year.