A Brief Look at the Professional Career of Eric Schiffer
Author: Margaret B. Babin
Anyone who is associated with the retailing industry in the US knows at least a tad about Eric Schiffer. Schiffer is a veteran in the industry as he has been committed to the business of retailing since 1991. He is the Chief Executive Officer at 99.99¢ Only Stores, which is generally regarded as the oldest and one of the most successful price-point retail chains in all of America. ‘99 ¢ Only Stores’ is based in California and it famously sells different items at a maximum price of 99.99¢. As the CEO of the company, Schiffer believes that the leading price-point retail chain in the US still has a long way to go.
Not too many people know that Eric Schiffer, the current CEO at 99¢ Only Stores, was never into retailing as he was on his way to becoming a professional electrical engineer. After doing bachelor’s in engineering from Duke University, Eric was employed as a venture capitalist and worked in that capacity for four years before he was invited by David Gold to become a director at 99¢ Only Stores. Despite having negligible experience in the industry, Schiffer used his innovative thinking and sound managerial skills to prove his worth. He also studied at Harvard Business School for an MBA degree.
99¢ Only Stores is mainly based in California as the retail chain runs 211 retail outlets in the state. In addition, it also operates in Texas, Nevada and Arizona and the retail outlets of the company average 21,200 square feet approximately. The company is doing very well under the able leadership of Eric Schiffer despite the economic meltdown as it launched 11 new retail outlets in 2011. Schiffer remains modest over the company’s phenomenal performance in terms of revenue generation as it grossed $1.3 billion in 2009. As 99¢ Only Stores continues to grow amidst economic challenges, the company would need Schiffer’s guidance and leadership more than ever before.
Eric Schiffer, who was nominated as the CEO in 2005, has had to make some tough decisions to meet up with the economic challenges faced by the retail chain. In September 2008, Eric made an announcement that a price rise was being contemplated but much to the relief of his customers it turned out that the maximum price was raised up to 99.99¢. Schiffer has disclosed in various interviews that 99¢ Only Stores earns more than half of its sales revenue by selling food and beverage items. Eric has dedicated over two decades of his life to the company and this has earned him a lot of respect among his peers.
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