Home Depot's co-founder used to stock the shelves with empty boxes in the company's early days. via CNBCMakeIt
In a pinch, the merchandising guru of the group, Pat Farrah, asked suppliers to give Home Depot empty boxes in lieu of actual merchandise, Langone, now"Pat Farrah, one of the four founders — Bernie Marcus, Arthur Blank, Pat Farrah and me — Pat went out and persuaded the vendors, 'OK, you won't give us any more merchandise because you're afraid we will be able to pay you. Give us empty boxes with your labels on,'" Langone says. The suppliers obliged.
"So we put all over the store — all these shelves 20-foot high — we had these boxes and everybody thought, 'Oh my God! Look at all this merchandise!' But there was air in the boxes. There was no products. They just gave us empty boxes. And we struggled," Langone says."Early on, Bernie would stay outside with the fist of single dollar bills and give people a dollar if they'd go in and see what was in the store," Langone tells CNBC Make It.
At the time, other competitive home center stores were 30,000 to 40,000 square feet, says Langone. Their first stores were 60,000 square feet. Today, Home Depot stores are more than 100,000 square feet.
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