20/02/2024 (Tokyo, Japan) - Hirotake Yano, the founder of the renowned Japanese discount retail chain, Daiso Industries, has died from heart failure at the age of 80. Bloomberg reported that Yano passed away in Hiroshima on February 12, as confirmed by a company statement released yesterday. A private funeral service was held by the family, with plans for a memorial gathering to be announced in the near future.
Yano, celebrated for pioneering the dollar store business model, amassed a net worth of approximately $1.9 billion (RM9.1 billion) at the time of his death, according to the Bloomberg Billionaires Index. His journey into entrepreneurship began after graduating from Chuo University in Tokyo in 1967 and experiencing a series of jobs, including managing his father-in-law's failing fishery, before starting to sell goods from the back of a truck in 1972. This experience inspired him to adopt a uniform pricing strategy of 100 yen (RM3.19) for all items to save time on pricing.
He established Daiso in 1977, a name which translates to "creating something great." The brand thrived as unstable salaries and a rapidly changing economy led Japanese consumers to seek out better value for their money. The business model gained popularity in other countries as well.
As of the fiscal year ending February 2023, Daiso reported earnings of 589.1 billion yen (RM18.77 billion), operating 4,360 domestic stores and 990 international locations by the end of December, according to its website.
The impact of Hirotake Yano's passing on Daiso Industries is profound, marking the end of an era for the company. However, Yano's legacy is a robust business model and corporate culture that emphasizes innovation, value, and customer satisfaction. The future of Daiso lies in its ability to continue evolving while staying true to the principles set forth by its founder.
The evolution of the dollar store concept, particularly as pioneered by Daiso, reflects a broader retail trend towards simplification and value. By offering a wide range of products at a single price point, these stores have appealed to budget-conscious consumers worldwide, challenging traditional retail models and demonstrating the viability of innovative pricing strategies in a competitive landscape.
Daiso's success story, under Hirotake Yano's leadership, serves as a testament to the power of a simple yet effective retail concept, combined with strategic global expansion and adherence to the founder's vision of providing great value.