Eric Schiffer of 99 Cents Only Stores came to the company in 1991 and started worked for the discount retailer in a number of managerial spots. Promotions came in March 2000 when he moved up to the office of President. He took on the additional mantle of Chief Executive Officer in 2005. This 50 year old go-getter started his career after graduation from Harvard Business School. From 1987 to 1991, he worked as a venture capitalist with the firm of Oxford Partners.
With today’s sluggish economy, discount stores such as 99 Cents Only are doing more business than ever. Curiosity stemming from tighter money and less to spend has driven in shoppers who might not have ever considered buying at a place that advertises its low costs in its name. In an interview from 2008, Schiffer described his happy surprise at how well his company does at its store on Wilshire Boulevard, a high-end shopping district in Los Angeles.
He said that that California store sits only two and half blocks from wealthy Beverly Hills. With everything in the store priced at less than a dollar that location generated over $10 million in annual sales. Schiffer says that 99 Cents Only customers range from those with low incomes to those in the upper income brackets.
The 99 Cents Only brand got its start in 1982. Founded by David Gold, the company now has some 300 stores located in Arizona, California, Texas and Nevada. Gold still serves as chairman. 2009 figures show that the company generated over $1.3 billion.
Its success depends on its guarantee that nothing in any of its brick and mortar operations will cost more than 99.9 cents. The slight increase up from a flat 99 cents is the only price change instituted by this important player in the realm of discount shopping.
Eric Shiffer’s hard work has paid off for his company. It has garnered positive attention from leading business associations and publications such as Forbes Magazine. He receives $122,308 in yearly salary plus an additional $5,000 in compensation and stock options. He enjoys a home not far from the company’s headquarters in Commerce, California.
He helps pay his professional success forward by offering insights to people newer to business. He discusses the ups and downs of the volatile marketplace and teaches through his own website, Facebook, and Twitter. This successful man believes that the joys of the winner can come to anyone with enough imagination and determination.