Spirit Halloween is the most capital-efficient ghost story in America. It's open
By Sundhillon · October 27, 2026 · Curated by George's Blog
Spirit Halloween is the most capital-efficient ghost story in America.
It's open roughly 10 weeks a year. The numbers aren't scary. They're terrifying.
👻 ~1,575 stores in 2026, a company record (1,546 in 2025)
👻 0 permanent leases. Ideal term: 3 months, with a kick-out clause for the landlord
👻 52,000 seasonal hires, about 33 per store
👻 ~400 stores opened on a single day (Aug 1)
👻 An estimated $1B+ in revenue (Moody's put Spencer's + Spirit at ~$1.9B in 2023, with Spirit the bigger half)
👻 That's roughly $635K per store, in a season shorter than a fiscal quarter
👻 A $499.99 life-size Freddy Fazbear at the flagship sold out in 10 minutes
The origin story: 1983, Castro Valley, CA. Joe Marver put his dresses in storage, filled his store with masks, and did $100K in 30 days. It had 60 stores when Spencer Gifts bought it in 1999 and 130 in 2003. Today it has ~1,575.
The real product isn't costumes. It's renting dead real estate.
This year's former tenants include Toys R Us, Bed Bath & Beyond, Party City, Joann, Big Lots, Forever 21 and even a Macy's. Every retail bankruptcy is a future Spirit Halloween.
Lessons for founders:
-You don't need to own the asset. You need the timing.
- Shop for leases when nobody else is (midsummer, after everyone signed in January).
- Pick a market that shows up every single year. NRF projects $13.5B in US Halloween spending for 2026, $4.4B of it on costumes.
- Bonus: Spirit of Children has raised $164M for kids' hospitals since 2007. Respect.
See you all at the old Bed Bath & Beyond. 🎃
Sources: Spirit Halloween/PR Newswire, USA Today, CoStar, Philadelphia Inquirer, Fortune/Morning Brew, KQED, NRF. Revenue is an estimate based on Moody's; Spirit doesn't disclose it.