Angel Business

The financial recession started some years ago, but it seems like it is going to last for a while. When it is going to end? Is it only a recession or we need to accept it as a normal state of facts? Eric Schiffer, one of the most promising managers of our times, a person that was able to lead his company, 99 Cents Only Stores through those delicate times has some interesting opinions about the retail business in times of crisis, and about the perspectives of the economy as a whole.

Eric Schiffer talks about the mistakes made by the rival managers that were not able to lead their companies through this period. In his opinion, the behavior of the consumers is the main indicator that needs to be followed. It influences the retail market greatly, being one of the main factors forcing the retail chains to change their perspectives. In the opinion of Eric Schiffer, the crisis was more than beneficial for his chain. Knowing that you can come in a 99 Cents Only Stores to buy more than 100 products with only 100 dollars is an attractive perspective for the common American, and even if there were some voices within the company asking for the concept to change, so the stores would be able to sell more expensive items, Eric Schiffer remained consequent to the original idea.

Along with the change of consumer’s behavior, the retailers are also affected because the real estate developers reduced their investments, or renounced them for good, so the competition was highlighted, almost in all the important stores of America. This way, in order to keep up with the financial recession, some retailers slowed or even stopped the developing, while other retailers like 99 Cents Only Stores found the crisis as the perfect environment to increase their operations.

As a conclusion, Eric Schiffer states that the most important reason for the success of his company was the capacity to adapt to the crisis. Based on his visionary perspective, Schiffer preferred to adapt instead of waiting for the crisis to disappear. The key is to diversify the gamma of products, and offering products for any taste and pockets. From this point of view, 99 Cents Only Stores was the company that had a competitive advantage over the competition, as the company was used to sell cheap items even before this crisis, so this period is only a consolidation period for the retailer.

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