Eric Schiffer Has Contributed Immensely to the Success of 99¢ Only Stores

Eric Schiffer has a remarkable success story to tell us despite having virtually zero experience in retailing; he has played a defining role in the success of the much acclaimed retail chain, 99 Cents Only Stores. Schiffer joined the company in the capacity of a director in 1991, after having served as a venture capitalist for almost four years at Oxford Partners. This retail chain has come a long way since its founding back in 1982, and many agree that Schiffer has acted as a catalyst to bring so much success to the company.

Originally, Eric Schiffer had plans of pursuing a career in the field of engineering as he did his bachelor’s in engineering from Duke University. However, after attending some of the board meetings at 99 Cents Only Stores, he was offered to join the retail chain, of course, his MBA degree from Harvard Business School also helped the then CEO make this decision. Ever since, Schiffer has served at key positions and his rise in the company has also resulted significant progress and expansion of the retail chain.

After commencing his job as a director at the company, Eric Schiffer was promoted as the President which was a clear indication that the company appreciated his efforts. It was on January 1, 2005, that Eric became the CEO and Assistant Corporate Secretary of the company. 99 Cents Only Store is a popular and financially sound retail chain that has been climbing the ladder of success ever since its establishment in 1982. Along with the rest of the team, Eric has made vital contribution top the company’s success. In 2001, the company was ranked 114^th by Forbes among its list of top 200 small companies. A look at the company’s financial statements also tells a lot about the soundness of the state of affairs of the company.

99 Cents Only Stores, despite the fact that the prices of its products is below one buck, it generates over $1.3 billion on an annual basis through sales. Low prices offered at this retail chain have attracted a staggering number of customers even when the country’s economy is experiencing recession. On average 99 Cents Only Stores sells 1.5 billion items on an annual basis. As the company continues to march on the road to success, Eric Schiffer, CEO, has plans to enable 99 Cents Only Stores to achieve its full potential by eliminating inefficiencies and optimizing the operations.