Eric Schiffer: Making 99 Only Cents Store a Revolution Chain Through His Vision
Rising prices of day to day commodities in this time of crisis has created problems for many households who have a fixed tight budget to adhere to. Most of the households which come within medium to low income group usually compromise on some or the other aspects and this is a gradually rising problem universally because of financial storm that has hit the market. Eric Schiffer is man who understood this difficulty million of people are facing and came up with an idea to sell vast number of house hold items at less than a dollar and thus, making it easy for people to complete their shopping within their stipulated budget without having to compromise on just any items.
Eric Schiffer joined 99 Cents Only Store in 1991 and since then he has worked at various managerial level of the company and in the year of 2000, he became the president of the company owing to his vast achievements within the company and making it so successful and later in the year of 2005, he became the CEO of the company, which he is till now. Eric Schiffer completed his studies in business from Harvard Business School and always had these sharp business skills which he successfully implemented during his tenure at 99 Cents Only Store and making it what it is today.
Eric Schiffer has great leadership qualities and he has written elaborately on his experiences with the employees of the 99 Cents Only Store in his book titled Emotionally Charged Learning. He is a man who believes that emotions are very necessary for the company or the person to go places as that is what puts your better and more potent side at work. Through his leadership qualities and smart leadership, company has opened many new stores throughout California, Arizona, Texas and Nevada. Recently, the company was acquired by Ares Management and Canadian Pension Planning Investment Board at $22 per share and total value of the deal was $1.6 Billion, which speaks a lot about the company’s scale and stand today in the market. Eric Schiffer will continue to work at the CEO position and he is very excited about the deal as well as the future of the company as everything looks good and going according to his ambitious plans of making 99 Cents Only Store one of the leaders in the retail market, stronger and better.
February 21, 2012
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