In times of recession in the US, there are not too many businesses that have taken off financially, but the merchandise retail chain, 99¢ Only Stores is an exception. The retail chain specializes in offering food and beverage items and other close-out products, but its true ‘claim to fame’ is its pricing policy as it offers all items at a price equal to or less than 99.99 cents. The current Chief Executive Officer of the company, Eric Schiffer has dedicated over two decades in service of the company and he is considered by many as the main architect of this successful retail chain.
Eric Schiffer holds BS in Engineering from Duke University and he has also done MBA from Harvard Business School. After trying his luck as a venture capitalist for four years, Schiffer made a major career move by embracing retailing. Although, Schiffer did not have any experience whatsoever in retailing still the then CEO and founder of the retail chain, David Gold, showed great faith in his ability. Initially, Eric became a director in the company in 1991 but he was handed over the office of the President of the company in March 2000. It took Schiffer five more years before he was nominated as the CEO of the company.
99¢ Only Stores is currently doing business in the states of California, Texas, Nevada and Arizona. The primary base of the company is in California, as it is currently running 285 retail stores there with six of them launched in the fiscal year 2011. Almost 50 percent of the company’s sales comprise food and beverage items, whereas customers also buy other household items there for less than one dollar. Eric Schiffer often remarks that one of the biggest strengths of his company which does not get credited on the company’s healthy balance sheet is its strong relationships with different top manufacturers.
Although, most entrepreneurs and retailers have faced the adversities of a crumbling economy, still Eric Schiffer has been able to lead 99¢ Only Stores to great success; in fact, he believes that the economic downturn has indirectly helped his stores generate higher sales. With over 1.5 billion items sold each year, 99¢ Only Stores draws its strength from the massive price-cuts and discounts it has to offer on merchandise. Schiffer’s out-of-the-box thinking and sound decision making has helped the retail chain become one of the most successful in America. In 2001, the company was placed at No.114 in Forbes 200 Best Small Companies.