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Japan 7-11

In: Business and Management

Submitted By blaine
Words 776
Pages 4
Seven-Eleven Japan was first established in 1973. They set up their first store in Koto-ku, Tokyo, in 1974 and the company was first listed on the Tokyo Stock Exchange in the month of October, in 1979. In 2004, it was owned by the Ito-Yokado group which alongside the Seven-Eleven stores, managed a chain of supermarkets in Japan and owned a majority share in southland-the company managing Seven-Eleven in the United States. The founder of both Ito-Yokado and Seven-Eleven Japan, Masatoshi Ito, started his retail empire after World War II when he joined his mother and brother and began to work in a small clothing store in Tokyo. He was in complete control by 1960, and the single store had grown into a $3 million company. In 1961, after a trip to the United States, Ito came to the conclusion that superstores were “the wave of the future,” and so the empire began. Ito’s chains of superstores in Tokyo were instantly popular and soon became the core of Ito-Yokado’s retail operations.

After Ito’s initial request in 1972, about the prospect of opening Seven-Eleven convenience stores in Japan was rejected, further approach’s by the entrepreneur, saw Southland, the US company, agreeing to a licensing agreement one year later. However, this agreement came to a price: in exchange for 0.6 per cent of total sales, Southland was to give Ito exclusive rights throughout Japan. With this placed in action, the first Seven-Eleven convenience store opened in Tokyo in May 1974. Following this, Seven-Eleven Japan experienced tremendous growth. By 1979, there were 591 stores nationally and by 2004, rapid growth continued resulting in 10,356 stores opening throughout Japan. Seven-Eleven Japan represented Japan’s largest retailer in terms of operating income and the number of stores, with customer visits to the stores totaling 3.6 billion in 2004; averaging almost 30 visits annually...

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