Eric Schiffer: Man Behind Largest Price Point Retailer In The World
World economy has suffered a major crisis and the aftereffects are still there all over the world
. People are not able to spend as much as they used to due to limited income and monthly expenses have limited budget for many people from low to medium income group. Eric Schiffer understands this and that is why through 99 Cents Only Store provides products, which are cheaply price, and he says that just because the prices are low, does not mean that products are not good. All the 99 Cents Only Stores are over 20,000 square feet and houses thousands of products, price ranges of which is mostly between 99 cents to 99 dollars.Ideally, the company only used to sell their products for 99 cents but due to heavy inflation in 2008, company was forced to increase their prices as well as bring in new products at discounted rates to meet high competition from other retail chains. 99 Cents Only Stores operates in Nevada, Arizona, California, and Texas and has over 285 stores. Eric Schiffer has been constantly looking at the market trends and has plans to open many new stores throughout United States at strategic locations so that many more people are able to take advantage of their pricing structure and business model.
Eric Schiffer knows that selling household items, food and beverage products at such low prices where margin is just few pennies will not be able to meet high requirements of the business for long in such competitive world. This is why he introduced two new income streams to the business, one being exporting products to over 15 countries and another being wholesaling goods to local vendors. Thus, the amount generated from these streams helps the business to sustain their business model as well as grow rapidly while ensuring always that their consumers benefit from their low price products.
Eric Schiffer has done Masters in Business Administration from Harvard University and has vast knowledge in management and business and along with his experience as venture capitalist at Oxford Capital; he has good experience of the corporate industry. He has ensured that he put in every effort and his experience to the success of 99 Cents Only Store and that is why, it can be said that the company is what it is today due to him.
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