Founder of Japan's Daiso, a store where everything costs 100 yen, dies at 80.

Hirotake Yano, the founder of Daiso, a well-known retial chain with 100-yen stores, has passed away at the age of 80. He died of heart failure on February 12, as announced by Daiso Industries Co.

Yano started his business in 1972 and named it Daiso in 1977. Today, Daiso has grown to operate over 5,000 stores in 26 countries, generating more than $4 billion in annual sales.

Daiso stores sell a wide range of products, from stationery and kitchen items to food and cosmetics, with around 76,000 different items available. While many items are priced at 100 yen, there are products that cost more, yet they remain affordable.

Yano, known as 'the 100-yen man', believed his business concept would boost consumer spending and Japan's economy. He is remembered for his humble attitude and self-deprecating humor.

After expanding Daiso nationwide in Japan, the first international store opened in Taiwan in 2001, followed by rapid global expansion. A private funeral was held for Yano, and a public commemorative event is being planned.