I’ve traced the advertising of a dozen companies throughout the 1920′s.
The opportunity to follow their progress, their rise, their innovations in advertising are a wonderful education. But, there is always a certain sadness I feel for them as I come up to October of 1929….
I can see coming what they can’t….
I know they should be saving as a business. I know both they and the nation are about to be plunged into financial darkness.
I watch, like a time-traveler sitting on the sidelines, how their high tone advertising first doesn’t acknowledge the crisis – then offers special sales to help folks “get through the crisis”.
But, sooner or later, their advertising starts screaming, “Half off inventory”, “Unprecedented inventory reduction”, “80% off!”. And then silence. Another company pulled clawing into the darkness.
Most of the high fashion and expensive fur houses respond initially by offering lower cost merchandise. Then they changed their products: Fur coats turn into cloth coats with fur trim that turn into just cloth coats.
In all but a few instances these companies are bought out, merged or expire in early 1932. They had enough momentum and hope to carry them that far – but no more.
I wish understood more clearly why some companies managed to survive while their 5th avenue cyblings did not.
Perhaps Macy’s and Saks Fifth were more generalist – and while specialization is good marketing – it’s bad survival in a long, dark depression.
Perhaps it was issues of leadership? Of vision? Of grit? That will be answered another day. For now, I do feel a certain sadness as I see the wreck approaching and then watch a company I’ve seen born, then rise – fall into the abyss.
