Death of Daiso's Founder: Japanese Discount Store Mourns Loss of Billionaire

Hirotake Yano, the founder of Japanese discount retailer Daiso, has passed away at the age of 80 due to heart failure. The company released a statement announcing his death on 12 February, stating that a private funeral has already been held for close family members. Daiso is a popular 100 yen store, similar to pound shops. Yano established his first discount store in 1972 and was considered a pioneer of the dollar store business model. Daiso expressed their sadness on their website and mentioned that a commemoration gathering will take place in the future. Yano had various jobs after graduating from university, including running his father-in-law's fishery, which went bankrupt. At the age of 29, he started his own business called Yano Shoten, which later became Daiso. The store gained fame for its 100 yen pricing for all items. Despite the stagnant Japanese economy in the 1990s, Daiso continued to thrive as customers became more price-conscious. The business model Yano created has since become popular worldwide. By the end of 2023, Daiso had 4,360 stores in Japan and nearly 1,000 shops globally, spanning across Asia, North America, and the Middle East. Daiso has adapted its pricing strategy, now selling goods at multiples of 100 yen. The company boasts a vast inventory of over 70,000 different items and claims to develop over 1,000 new products each month. Additionally, Daiso refers to itself as Japan's leading supplier of living ware. According to the Bloomberg Billionaires Index, Yano had a net worth of $1.9 billion.