Business and Financial Planning Ideas

Eric Schiffer is the Chief Executive Officer of one of the oldest and most popular single-price retail chains in the US, 99¢ Only Stores. While the retail chain has been operating in different states for nearly 26 years, Schiffer has been at the helm of the affairs of the company for more than 20 years. The retail chain is unique in that it deals in both merchandise and close-out items which are offered for sale at a maximum price of 99.99¢. While many wonder as to how the company is able to keep its boat afloat during recession, Schiffer has remarked on more than one occasion that the economic downturn is one of the many reasons behind the company’s phenomenal success.

Eric Schiffer has been able to make significant contribution to retailing despite having no prior experience in it. Eric was a promising student early in his life. He completed BS in Engineering from Duke University and also worked as a venture capitalist at Oxford Partners but soon he abandoned his career in engineering and joined the retail chain, 99¢ Only Stores in 1991. Schiffer also has an MBA degree to his credit obtained from the prestigious Harvard Business School. Initially, Schiffer was inviting to give his input in a few board meetings of the company by David Gold, the then Chief Executive Office after which he was appointed as a director in 1991.

Eric Schiffer did better than most expected of him because he did not possess any prior experience in retailing. In March 2000, Schiffer’s hard work was acknowledged as he was appointed the President of the company. He was promoted to the position of the CEO at the start of 2005. Eric has laid emphasis on eliminating operational glitches at different stages such as compliance, shipping, distribution or storage in order to earn profits against products priced lower than one buck. During his reign, 99¢ Only Stores has enjoyed great business relations with top manufacturers which have enabled the company to acquire and sell close-outs and other items.

Despite an economy going through recession and inflation, 99¢ Only Stores has been able to keep its promise of fixing prices of items below one dollar. In September 2008, the company announced that due to inflation it would increase prices up to 99.99¢. The company also engages in bargain wholesale which contributes about 3 percent of its total sales. Eric Schiffer, Chief Executive Officer, has played a key role in making one of America’s oldest price point retail chain a great success.