Japanese business mogul and founder of Seven-Eleven Japan, Toshifumi Suzuki, has died at 93.

He reportedly passed away due to heart failure.

Mr Suzuki’s company, Seven & i Holdings, confirmed his death on Monday, saying that he died on May 18.

Born in Nagano Prefecture, Central Japan, in 1932, Mr Suzuki’s career in business began after Japan’s post-war economy, starting as a book wholesaler where he gained knowledge and exposure to the business world, supply chains and movement of consumer goods.

In 1963, he joined Ito-Yokado, a growing supermarket chain, where he was closely involved in improving product selection, pricing strategies, and inventory control.

Mr Suzuki’s years of experience exposed him to several gaps in Japan’s retail system, including inefficiencies in stock management, consumer behaviour, and the lack of convenient, fast-access shopping formats.

Over time, he rose through the company and went on to challenge to b partner with the U.S.-based Southland Corporation, operator of 7-Eleven, to establish Seven-Eleven Japan in 1973. 

The first store opened in Tokyo in 1974, and later became central to the daily life of people in Japan.

His business innovation became widely recognised as a key part of Japan’s retail economy pioneering improved inventory systems, fast-moving goods and ready-to-eat meals. 

His business model aided other convenience stores to grow.

He also played a crucial role in helping restructure Southland Corp in the early 1990s after its parent company went bankrupt following a leveraged buyout.

Mr Suzuki later established Seven & i Holdings in 2005 expanding the business into a retail empire.

In 2016, he stepped down as chairman after a management dispute but remained a respected figure in Japan’s business landscape until his death.