Schiffer good leadership skills brought success to 99 Cents Only Stores Only
Impacting positively on people’s lives has always been the goal of the 99 Cents Only Stores’ CEO Eric Schiffer. From his earlier stints in business and projects he has always left a mark in lives of the people that he has interacted with. This can be proven with his involvement in authoring, public speaking and even mentoring.
Everyone that he has interacted direct or indirect always had something positive to say about him. Even though he was destined to be an engineer, he has carried on the mantra of his positivity in the world of retail management. In this sector he has managed to bring in new ideas that are beneficial to the public. In his usual move to reach out to the consumer, he has upheld favorable pricing of 99 Cents Only Stores for all the merchandise that is being sold in the Retail chain. As much as the founder of the company, David Goldman, is the brainchild of the flat pricing, the CEO has guided the retail chain on this idea to make the company prosperous. This effort has mainly been noticed by the Forbes magazine that has ranked the retail chain 114 out of 200 as the best managed and promising enterprises.
As much as this 99 Cents Only Stores business model is based on cheap pricing of commodities, the CEO has always maintained profitability throughout the since he was president till now. As of 2009 the retail chain had a revenue of $1.3 which is constitutes great improvements from the past results of previous years. It is this good performance that has led to the proposed acquisition of the retail business by Leonard Green & Associates and the family owned Goldman & Schiffer who owns 33% of the company shares. Even though this deal may succeed, Eric Schiffer will still have a hand in the management of the retail chains.
Finally, despite tough economic times that have existed since the inception of this firm, it has hugely been successful in many fronts. In terms of profitability, the profits have been constantly on the rise despite many branches that have been opened. Presently, it has branches in four states which are California, Arizona, Texas and Nevada boasting of a total 290 stores. These are busy stores which employ up to 12,000 workers on a permanent basis. The retail chain is also a household name for many shoppers who are able to get their merchandise at super discounted prices.
