Faith Between Us

As the CEO of the chain known as 99 cent stores, Eric Schiffer has profited greatly from his ability to watch each and every penny that customers hand over to the cashiers. He feels honored to be a leader in the oldest single price chain within the United States. He uses the knowledge he acquired, while in Harvard Business School, to make sure that the chain under his care remains one that other entrepreneurs can admire.

Now Eric did not set out to be the CEO at a well-known company. When in undergraduate school, he studied electrical engineering. Then after getting that training, he developed an interest in business. That interest pushed him to undertake an MBA program at Harvard.

Schiffer first joined the staff of the 99 cent stores in 1991. He accepted a starting position, and he slowly worked his way up. As others came to recognize his skills and talents, he got one promotion after another. By January, 2005, he had become the Company President. From that position he moved on to become the Company’s CEO.

At the moment, Schiffer’s chain is listed by Forbes as number 114 on the listing of the 200 best small companies. Considering the approach taken by the Company’s CEO, it seems poised to rise up that listing, and to get closer to the number one position. Schiffer devotes long hours to the pursuit of research projects. Sometimes he sticks with one project for three to six years.

Schiffer’s skills include far more than the set normally found in an executive. He has become an expert in areas such as shipping, handling and storage. His expertise in such fields has helped him to guide his employees, as the entire team strives to stretch every payment of 99 cents.

Schiffer has understood how to make changes without displeasing customers. He has introduced a high values section, in which larger items are sold. He appreciates the need to highlight each product’s value.

The low price on each product does not represent willingness to compromise on value. It shows readiness to take advantage of a slight and insignificant mistake. For example, one time Schiffer’s directives sanctioned the purchase of many sleeves of golf balls at a bargain price. Their only flaw was the mention of a store name, when that store had decided against selling the same sleeves. About 50% of the items purchased by Schiffer’s chain are things like those white and round golf balls.