Contents of an Old Wallet

It’s amazing how things change so quickly.  I did a triple take when I stumbled upon these cards in a long forgotten wallet tucked in the back of my closet.  It not only shows how negligent I am in keeping my closet organized, but it illustrates the stunning fall of three giants.

Blockbuster peaked in 2004 with 9,000 stores and 60,000 employees.  By 2011, it was all over for them.  They simply couldn’t keep up with the pace of the changing marketplace and competitors who were ahead of the streaming technology curve.

A merchant named John Wanamaker pioneered the idea of a department store in Philadelphia in 1866.  He wrote his own ads and was the first to offer full cash refunds to customers. As family members died off in the 1920’s, the stores passed to a board of trustees.  Its doors closed in 1995 and Wanamaker’s is now a Macy’s. People still rendezvous at and refer to the 2,500 lb. bronze eagle, however, as the Wanamaker eagle.

Quakers Justus Strawbridge and Isaac Clothier founded Strawbridge & Clothier as a dry goods store in 1868. When the company combined their buildings into one magnificent limestone structure in 1931, they almost went bankrupt due to the staggering costs of the limestone. They held on and thrived for many years, but by 2006, in a painful decision, the family sold their stock.

I guess the lesson is that no matter how robust we are now, we can never take anything for granted. Change with the times, be open to new ideas, and don’t get in over our heads with debt.  What I thought was a long overdue closet cleaning turned out to be a metaphor for taking inventory of more than just my clothes.