Images: from an ebay auction listing
Presumably an individually-owned shoe store, it looks like Triangle sold or gave away at least this one promotional item. Just in case you don’t know how it worked, one would hold it where the Walt Disney’s “PINOCCHIO” lettering is. The trick would be to jerk it upward then jab Pinocchio’s nose into the airborne ring. It seems simple but it took a little bit of skill — it was a good item to occupy a child for awhile perhaps while waiting for a sibling to get their shoes.
Today that address houses Ferguson’s Gallery and Royal Bartending School. It appears to be in the same building that was there in 1939 albeit modernized a little.