Eric Schiffer – A True Role Model in the Retail Industry
Many believe that 99¢ Only Stores is the pioneer in price-point retailing in the US and the man who has played a commendable role in erecting this retail empire is Eric Schiffer. He is currently working as the Chief Executive Officer of the company and has been associated with the company since 1991. Eric has set a remarkable precedent for all professionals who are afraid to change their profession as the man had virtually no experience in retailing when he left the job as a venture capitalist and joined 99¢ Only Stores. Schiffer has served the company in different positions and the retail chain’s phenomenal success can be mainly attributed to him.
Eric Schiffer is eyed by many as an inspirational figure in the retail industry as his professional acumen and relentless commitment has enabled him to pursue a resoundingly successful career. The genius that he is, Schiffer left a budding career in electrical engineering to become part of the retail industry. Earlier on, Eric studied Engineering at Duke University and then completed his MBA course from Harvard Business School. Starting off as a director in the company, Eric was promoted to the position of President of 99¢ Only Stores in March 2000. And if that was not enough, Schiffer became the CEO in 2005 and also assumed the responsibility of Assistant Corporate Secretary.
In both financial and non-financial terms, 99¢ Only Stores performed extraordinarily under the leadership of Eric Schiffer. In 2001, Forbes put 99¢ Only Stores at 114 in its list of 200 Best Small Companies. Schiffer has said time and again that it is his mistakes that have helped him turn the company into a giant retail chain operating in four states. 99¢ Only Stores mostly sells close-outs and miscellaneous merchandise and for this, Eric insists, having strong business relationships with the best manufacturers in the country is vital. For the year 2009, the company recorded annual sales worth $1.3 billion whereas modest estimates suggest that on average it deals in 1.5 billion items each year.
Eric Schiffer has emphasized that lowering cost and optimizing internal operation is the way forward for 99¢ Only Stores if it wants to stand by its commitment to price items for less than a buck. The company has established 11 new stores in 2011 which speaks volumes of its popularity and financial stability. Despite the talk that economic recovery will lead to a decline in the customer base of the retail chain, Schiffer has firm belief that the ‘99ers’ will remain loyal to the oldest and best discount stores in the US.