Bridging the Gap
"Advertising disappeared and the country went into an economic tailspin in every way," he remembers. "All of a sudden, as you can imagine, the people had what was the equivalent of a 50 percent decrease in personal income.
"The same thing happened to companies, and the consumer marketplace changed rapidly. The people who were buying the magazine didn't have the money to splurge on it. What had once been a simple pleasure to them had now become an indulgent luxury."
The good news, he stresses, was "that our publisher hung in there and hunkered down." Now, the edition has recovered—and circulation has doubled—but Walker hasn't forgotten that very tough period.
"If our foreign partner had been less committed, the economics would have really had an impact," he asserts. "Thank goodness, as the economy comes back, advertising comes back, too."
It could have gone the other way, Walker speculates, particularly if
the economic downturn had lasted another two or three years. "The economics of the country matters a lot, as does the currency and the advertising situation," he notes. "Sometimes what matters most, though, is the feeling about the magazine."
-Gretchen A. Kirby