Eric Schiffer is the top most administrative officer of the 99 cents only store and a modern day futurist. His vision for the stores that sell items at a price below the one dollar mark is remarkably insane but practically possible. Many entrepreneurs cannot understand how selling items so cheaply can generate revenues or keep the stores open for a considerable period of time. They had rather stock expensive products which guarantee quick returns than struggle with cheap pricing strategy.
However, in this business model, Eric Schiffer realized a goal that had been long overdue. He decided to be at the service of others in the most humble and deserving way. To begin with, he focused on finding quality products whose pricing could be managed at anywhere below a dollar. 99 cents was made the average price for the stocked products hence the name of his company. Since the inception of the 99 cents business model, the stores have managed to sell a variety of quality items at a standardized rate.
Originally, these stores were started by his father in law when he was on quest to fast track the rate at which his wines were being bought. He lowered their prices to 99 cents each, a move that resulted in the realization of desirable sales results. Even so, it was not until the time when the business was in need of external investors that Eric Schiffer would demonstrate his love for entrepreneurship.
Without prior experience in the field of retail business, his father in law taught him the ropes of effective business dealings. This is all the knowledge he required to take over the business and transform it into a multibillion dollar empire.
On annual basis, the stores sell billion of items and generate revenue in billions of dollars. This is an exceptional ability of any retail business that focuses on selling its wares for cents.
Even after generating revenues in such a remarkable way, Eric Schiffer has not lost his hope in attaining greater height. He has continued to formulate ways through which more revenues can be generated and also made avenues through which the stores can expand to other key areas.
Since he assumed an active role in the management of the stores, they have faithfully been generating billion in annual proceeds. This explains how strong the power of each cent is and how the rule of accumulated cents can work miracles in turning financial tables around.
