Eric Schiffer is the man who is responsible behind the success of 99 cents retail stores.99 cents is a chain of retail stores that offers all kinds of products for less than one dollar. His main focus was to reduce the price of everyday goods including dishes, liquid soap, dishtowels, and utensils which are required for our daily lives. The concept of buying goods at less than a dollar has invoked people to come into stores and more footfall due to which the company has become one of the most profitable organizations in today’s markets.
Eric Schiffer played a very important role in the growth of the company. He joined the company in the year 1981 and served in varied managerial positions until he was elected the president in 2000 and the CEO of 99 cents in 2005. He joined at a time when the company was showing a down economy. He believes that every penny counts and when it comes to daily household goods, prices should be reduced. He was a great leader who believed that employees should communicate with their peers and they should be free to express all kinds of emotions. He is always ready to assist qualified people who have curiosity in finding out what marketing belief is and that he had during the formation of his own retail chain.
Eric Schiffer is a graduate from the Harvard business school. He was skilled as an electrical design engineer, spending four years in the similar field, before amalgamation with his father in law, the then 99 cents CEO. He started attending board meetings of the company and slowly infiltrated in the company business. He hopes to eradicate unproductive commerce, boost effectiveness, get rid of waste in the same and help in price reduction with the advent of three new stores that are due to come up in March.
The biggest confrontation that he faced was getting new people to enter into the store for the first time for growth of business; however he did manage some important footfall like Elizabeth Taylor and Richard Gere in his store. An additional quality of Eric Schiffer was the obligation towards vendor concerning cost of shipments. If the vendor had incorrectly done over-shipment, Eric’s industry protocol was, always informing the vendor about the over-shipment for which the vendor didn’t bill. Eric’s commitment and business minded nature won him many accolades in the industry.