Old toys and cartoons return: Which favorite would you want your kid to play with?

Frightened of failing in this rough economy, toy makers are relying on revamped old classics to win the hearts of today’s youths instead of risking time and money on the development of new toys. With a modern Strawberry Shortcake leading the pack, other characters to follow include Barbie’s little sister Skipper, P.J. Sparkles, and G.I. Joe. All will be receiving makeovers along with anniversary editions of Transformers and classic board game Candy Land.

Launching a new toy is expensive, and there's no guarantee of success,” claims the Wall Street Journal. “For example, Mattel is estimated to have spent more than $1 million on advertising and design for Flavas, a hip-hop doll line introduced in 2003 to compete with MGA Entertainment Inc.'s popular Bratz line. But the dolls never sold well, and Mattel discontinued them the next year.

Though I only vaguely remember P.J. Sparkles, the tiara-wearing doll that lights up and has a dress than transforms into pajamas, I love the idea of bringing back some of my old favorite toys and presenting them to a new generation. Perhaps toy makers are playing on such nostalgia in hopes parents will buy their kids the toys they once played with themselves.

Some favorites I’d love to see brought back: Rainbow Brite, Jem, She-Ra and Glo Worms. Which of your old toys do you wish you had saved? And which of your favorite toys would you love to see introduced to a new generation of kids? [WSJ]