With his passion to help people make savings on their household commodities, Eric Schiffer has never failed to find ways to continue producing new high quality products at lower cost. He currently serves as the CEO of 99 Cents Only Stores, which is one of the most productive companies in the world. It was in 1995 when he started working for this company. As the years of his extensive experiences in this company went on, he was given opportunities from one managerial to another. He used his exceptional skills along with his incomparable determination to provide his best performances to every position he handled.
It is undeniable that the effective leadership of Eric Schiffer has been one of the key factors of its tremendous success in the last previous years. This company is a California-based price-point retailer that offers products at a cost not higher than $0.9999. It was founded by David Gold in 1982 with most stores headquartered in Southern California. Other locations are in Arizona, Chicago, Houston, Los Angeles, Nevada, and Texas. During the early years of its operation, this company became famous for being among the first to provide IT-based services on its store transactions. It has also been one of the first commercial stores that have utilized a computer system to order stocks in the distribution and point-of-sale registers to track the sales of every store.
In the last quarter of 2007, the company started to offer products at prices as low as 49 cents. However, the dramatic rise of inflation rate and crisis in the national economy forced to company to lightly increase its prices for the first time in September 2008. The prices still did not go beyond 99.99 cents through the efforts and brilliant minds of the company’s management, including Eric Schiffer. Recently, the company made a $1.6 billion-deal with the private equity firm Ares Management and with the Canada Pension Plan Investment Board. This deal mainly covers the private purchase of 99 Cents Only Stores’ products and it is expected to end in the early 2012.
Currently, Eric Schiffer works in conjunction with his fellow business executives to manage the operations of the 285 retail stores of the company. From the beginning up to the end of 2011, the company has opened 11 new stores, which include the 2 stores in Arizona, 6 stores in California, and 3 stores in Texas. By the end of 2011, the company’s Bargain Wholesale has reached 3.1% of its total sales.