Japanese retailer in business for 1,020 years and counting
December 3, 2020
Ichiwa is a family-owned Mochi business in Kyoto, Japan, that was started more than 1,000 years ago. The shop has succeeded by sticking to tradition, despite such challenges as natural disasters and wars. “If you look at the economics textbooks, enterprises are supposed to be maximizing profits, scaling up their size, market share and growth rate. But these companies’ operating principles are completely different,” said Kenji Matsuoka, a professor emeritus of Ryukoku University. “Their No. 1 priority is carrying on. Each generation is like a runner in a relay race. What’s important is passing the baton.”
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