Hirotake Yano, the visionary behind Japan’s beloved 100-yen shop chain Daiso, comparable to the dollar store in the United States, passed away at the age of 80. Yano succumbed to heart failure on February 12, according to a statement released by Daiso Industries Co. on Monday.
Yano embarked on his entrepreneurial journey in 1972 by establishing Yano Shoten, later rebranded as Daiso in 1977. The discount retailer ventured into the realm of 100-yen stores in the 1980s and inaugurated the inaugural outlet under the Daiso banner in 1991. Today, Daiso boasts a network of over 5,000 stores spanning 26 countries and regions, amassing sales surpassing 580 billion yen ($4 billion) in the latest fiscal year.
The concept of 100-yen shops, where every item is priced at 100 yen, approximately 67 American cents, resonated deeply with consumers. Daiso’s inventory encompasses a staggering array of 76,000 products, ranging from stationery and kitchen essentials to toys, snacks, cosmetics, and beyond.
Despite being dubbed “the 100-yen man,” Yano’s approach to retailing garnered both praise and criticism amidst Japan’s deflationary environment. He staunchly believed that the uniform pricing strategy would invigorate consumer spending, inject joy into shopping experiences, and bolster Japan’s economic trajectory.
Daiso’s expansion transcended national borders, with its maiden overseas venture unfolding in Taiwan in 2001, followed by South Korea later that same year. The retail giant made its debut in the United States in 2005, with its inaugural store in Seattle. Presently, Daiso outlets dot the landscapes of Hawaii and New York, with its global footprint extending to Brazil, the UAE, and Australia.
Known for his self-deprecating humor, Yano often quipped about the virtues of misfortune, professing that adversity breeds resilience. He relinquished his roles as president and chairman of Daiso in 2018 and 2019, respectively.
A private funeral has been held for Yano’s family, with plans underway for a commemorative event, as per Daiso’s statement from its headquarters in Hiroshima. The company expressed gratitude for the outpouring of support and kindness extended towards Yano throughout his tenure.
