Billionaire Founder of Japanese 100-Yen Shop Dies at 80

Hirotake Yano, the founder of Japanese discount retailer Daiso Industries Co., has died of a heart failure. He was 80.

He passed away in Hiroshima on Feb. 12, according to a company statement sent on Monday. Close family members held a private funeral, and he will be commemorated at a gathering in the near future, the release said.

Daiso founder Hirotake Yano dies on 12 Feb in Hiroshima

Mr Hirotake Yano, the founder of popular Japanese chain store Daiso, has passed away at the age of 80.

The cause of his death was heart failure.

Source: APRCE Manila on X

The billionaire founder, known for pioneering the dollar-shop business model, will be remembered for establishing the company in 1977.

Daiso founder dies on 12 Feb

Mr Yano’s passing was announced by Daiso Japan in a statement on Monday (19 Feb).

The statement in English revealed that its former president had died one week ago in Hiroshima, Japan on 12 Feb.

He passed away due to heart failure at the age of 80, the company added with “profound sadness”.

Source: Google Maps

His son, Seiji, took over as president in 2018.

Family held private funeral

A private funeral for Mr Yano was held, involving only close family members, the statement said.

They have “gratefully declined” to accept any flowers or condolence gifts.

Daiso will hold a gathering to commemorate him “in the near future”, the company said, adding:

We deeply appreciate all your kindness to him.

He founded Daiso in 1977

After graduating from Chuo University in 1967, Mr Yanu founded a business called “Yano Shoten” in 1972, according to a timeline on Daiso’s website.

This was a street store selling goods from the back of a truck.

Source: Daiso

In 1977, he established a business named “Daiso Sangyo”, which translates to “creating something big” in Japanese.

The 100-yen store model was developed in 1987, with Daiso’s first directly managed store opening in Takamatsu City, Kagawa Prefecture in 1991.

Source: Daiso

Daiso’s first overseas store opened in Taiwan in 2001.

Daiso launched in S’pore in 2012

As Singapore residents might know, Daiso inaugurated its first store here in 2002.

Since launching at IMM mall in Jurong East — when it sold all items at S$2 each — Daiso has become an ubiquitous part of any Singapore mall, with 33 locations islandwide.

Though Daiso Singapore has since moved away from the S$2-per-item pricing due to the charging of Goods and Services Tax (GST), it’s still a favourite haunt of Singaporeans for the wide range of products and still-inexpensive prices.

In May 2022, Daiso opened its first overseas flagship store in Jurong Point with three brands — Daiso, Threeppy and Standard Products — under one roof.