“Every penny counts”. With this saying in mind, the California-based price-point retailer company 99 Cents Only Store was borne from the thoughts and enthusiasm of David Golman in 1982. For 30 years now, the price-point retailer chain has been true to its vision of selling products—liquid soaps, dishtowels, utensils, dishes, etc– at a cost not higher than a dollar. In 2008, due to economic hardships United States experienced, the company decided to adjust some of its products and services price range as a solution to combat “dramatically rising costs and inflation”. This made others think the company’s operation will be shut down. But with the brilliant leadership and progressive efforts of Eric Schiffer, the 99 Cents Only Store continued in its usual business. Since then, it has been providing greater purchasing power to its customers through all of its stores. These include the 285 retail stores and the recently opened 11 new stores, which include the 2 stores in Arizona, 6 stores in California, and 3 stores in Texas.

Eric Schiffer has been the company’s CEO, Assistant Corporate Secretary, Director and Chairman of Executive Committee since he entered the company despite him being an Engineering graduate. During his leadership, 99 Cents Only Stores has been placed to the short list of Forbes 200 Best Companies for the year 2001. Schiffer’s business relationship with different small and medium scale manufacturers has proven to be vital in boosting the economy. It flaunts its 2009 annual sales of $1.3 billion and has been recorded to sell up to 1.5 billion merchandises annually. More than the profit, Eric Schieffer points out that it’s the assistance and relief from financial stress they provide to parents that are in a tight budget or just trying to save more. As more and more stores are up for more profit, he took the less traveled way of giving sheer joy to millions of Americans that are making both ends meet. 

To further help other marketing hopefuls and enthusiasts, he wrote a book entitled Emotionally Charged Learning, aimed to help professionals see the beliefs and principles he practiced and assist them in formulating theirs both geared for success. Also, to continue their mission of being the pioneering and still unrivaled discount store and deliver better service, the company had a $1.6 billion dollar buy-out to Ares Management and Canada Pension Plan Investment Board. This deal, expected to be completed this 2012, will give its loyal customers more products to choose from at the best discounts only 99 Cents Only Stores can give.

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