TOKYO — Mr Hirotake Yano, the founder and former president of Japanese budget retailer Daiso Industries, has died from heart failure at the age of 80. 

A statement from the company on Monday (Feb 19) confirmed that Mr Yano died in Hiroshima on Feb 12. A private funeral had been held by close family members, and a commemorative gathering by the company is planned for the near future, according to the release.

Who was Hirotake Yano, the innovative entrepreneur who revolutionised discount stores not only in Japan but across the globe?

FROM BANKRUPT FISHMONGER TO BILLIONAIRE

A billionaire with a reported net worth of about US$1.9 billion (S$2.5 billion) at the time of his passing, Mr Yano built his empire by selling everyday items at just 100 yen (S$0.90) a piece.

Established in 1977, Daiso has now become a household name for affordable goods in numerous countries, boasting 4,360 stores in Japan and 990 more overseas.

However, the well-respected businessman’s road to entrepreneurship had not always been smooth-sailing.

Coming from a family of doctors, Mr Yano’s aspirations to become a featherweight boxer were dashed when he was forced by his father to pursue an engineering degree at university.

Mr Yano eventually got accepted into Chuo University, where he met and married his wife Katsuo Yano. Mr Yano, who was born Koro Kurihara, changed his name and took his wife's surname as he felt it would offer him better business prospects, according to Japanese travel and lifestyle blog YouGoJapan.

Upon graduating, Mr Yano took over his in-laws’ aquaculture business of rearing yellowtail but the family unfortunately went bankrupt within three years. Mr Yano then took his wife and son, and left Hiroshima for Tokyo with the hope of having a fresh start.

To make ends meet, Mr Yano began taking odd jobs which included working as a salesman, a bowling alley operator and even a used paper recycler. In 1972, at the age of 29, he set up his first business called “Yano Shoten” where he peddled wholesale goods from the back of a truck.

The idea of charging a flat 100 yen for all his merchandise was born out of practicality — running his business solo, Mr Yano was simply too busy to change the pricing labels of his products, according to his profile on management consulting firm Global Partner's Consulting's website.

In 1977, Mr Yano changed the name of his store to Daiso and business began to thrive in the 1990s as customers grew more price-conscious amid the stagnating Japanese economy.

Daiso’s first retail outlet was launched in Takamatsu City in Kagawa Prefecture in 1991 and by 2017, the chain store had expanded to 3,150 outlets in Japan alone.

Decades since it was first established, the retail franchise has had to adjust its pricing strategy and now offers goods at multiples of 100 yen, the BBC reported.

With a vast inventory of over 70,000 items, the company prides itself on innovation, developing over 1,000 new products monthly, as stated on Daiso's official website.

NOT A TYPICAL BUSINESSMAN

Despite his extraordinary success, Mr Yano was not a typical businessman with a plan.

In a 2001 feature with lifestyle magazine Tokyo Weekender, Mr Yano claimed that Daiso has “no business plan, no budget, no company meetings and no quarterly results”.

He did not even know how many outlets there would be by the end of that year, stated the article. 

“I wait for my destiny to lead wherever I go,” Mr Yano said, providing insight on his life’s philosophy.

The octogenarian was also known for his self-deprecating humour and would often times describe himself as “lame” and “old”.

In an interview with Malaysian lifestyle publication Options, the writer recounted her encounter with Mr Yano who executed a quick magic trick in order to break the ice.

 “I love jokes, I am a joke,” the eccentric Japanese businessman was quoted as saying.

In 2018, Mr Yano suffered from a stroke. He chose to retire as president of Daiso and entrusted the leadership role to his son Seiji that same year.