Lawson was founded in 1975 as a joint venture between Consolidated Foods (now Sara Lee) and the Japanese food chain Daiei. The "Lawson" name hails from a convenience store chain Consolidated Foods owned in Ohio. Although the American chain was absorbed by Circle K over the years, the Japanese brand endured. In 2011, Lawson had 5,703 employees (excluding franchisees) and over 10,000 stores in Japan and overseas (see Exhibit 1), with annual sales of $23.4 BIL USD, (Feb 2012) ranking second to Seven-Eleven Japan. The company distinguished itself from its competition by emphasizing key precepts: decentralizing decision making, empowering regional managers, and supporting local storeowners. In recent years, Lawson expanded store offrings by launching "Lawson 100" (pericshable stores) and "Natural Lawson" (organic and health oriented products).