Since 1927, Macy's department store—the self-described largest emporium (retail store) of its type in the world—has sponsored a happy American ritual. Each Thanksgiving morning, Macy's subsidizes an elaborate parade. It assembles at West 77th Street and Central Park West in Manhattan and begins promptly at 9 A.M. Thousands of New Yorkers and tourists brave the cold late-November winds to watch the parade. It moves down Central Park West to Columbus Circle, and then runs along Broadway to Macy's Herald Square, at West 33rd Street.

The parade consists of large, intricately designed floats, marching bands, entertainers, and helium-filled cartoon-creature balloons that are several stories high. The balloon figures include everything from the generic Toy Soldier and Tom the Turkey to characters popular with children, such as Big Bird from Sesame Street (see entry under 1970s—TV and Radio...