Press: Three-Piece Suit

In 1980 the Wall Street Journal expanded from one to two sections just in time for the biggest bull market in history. Circulation rose steadily, and the newspaper soon found itself bursting at the seams with advertising. Last week, in a very different financial climate, the Journal traded its two-part design for a sharp three-piece look.

The new format neatly regroups the paper’s many departments into three sections: general news and commentary, marketing and consumer news, and hard- core financial reporting and statistics. Graphics are bolder, stock listings are more readable, and new statistical features have been added. Journal executives concede that the changes are being made “for competitive reasons.” In the wake of last year’s stock-market crash, advertising is down nearly 12%, and circulation has slipped 5%. Meanwhile, competitors like the New York Times, USA Today and Investor’s Daily are chipping away at the Journal’s market.

Critics complain that the third section makes the Journal cumbersome, while some advertisers are said to be concerned that the new format allows readers to discard sections they prefer not to read. But these arguments hardly seem valid. The format makes the previously scattershot Journal more reader friendly and attractive — and that can’t be bad for business.