Farkas attended Choate Rosemary Hall and The Bronx High School of Science.
Although Farkas originally wanted to be a professor, in 1951, his father forced him to work for the store, first as head of stock in the women's coat department.
In 1959, after undergoing a rigorous training program, Farkas was named president and general merchandising manager.
In his first year, Farkas doubled the chain's advertising budget and made arrangements with European houses to get their excess inventories.
[1] In 1963, Farkas is credited with pushing the company to buy the land for its flagship store on 59th street in Manhattan from Joseph P. Kennedy Sr. for what seemed like a high price of $125 per square foot.