As autumn rolls in, it brings along the familiar sight of a Spirit Halloween store popping up in many locations.
This seasonal retailer, known for costumes, decorations, and party supplies geared towards Halloween, seems to appear everywhere during September and October. With over 1,500 pop-up sites in shopping areas across North America, Spirit Halloween has become quite adept at establishing itself quickly—only to pack up and leave once November arrives. It’s almost legendary how they manage this swift transition.
However, the temporary nature of Spirit Halloween stores—and their typical occupation of large, vacant storefronts—can evoke a variety of feelings. Some folks might view the transition of an old Party City into a Spirit as a proactive move by a landlord, hoping to keep customer traffic flowing until a long-term tenant is found. On the flip side, others could see a Spirit Halloween as a troubling sign, a last-ditch attempt to extract some revenue from a struggling area. Both perspectives might hint at broader trends in the local real estate market and, in some ways, influence your own home.
There’s really no straightforward answer to this. Experts suggest evaluating the overall context of the neighborhood rather than focusing solely on the temporary store.
How did Spirit Halloween get here?
Since its inception in 1983, Spirit Halloween has thrived on the concept of pop-up retail. Their business model revolves around identifying large, unoccupied commercial spaces and persuading landlords to agree to short-term leases. Vacancies left by previous stores, like Party City or Bed, Bath, and Beyond, present prime opportunities for Spirit to step in, even if just for a brief period.
According to the Spirit Halloween website, they prefer locations in power centers, strip malls, standalone buildings, prominent downtown retail areas, and major shopping centers alongside established national retailers.
They also tend to target areas with a population of around 35,000 or more within a short distance, plus substantial traffic flow—around 25,000 cars daily. Although Spirit only occupies the space for a few months, finding the right locations is an ongoing year-round task. Despite the playful costumes and decor, their operation is quite strategic.
As Todd Drowlette, managing director at TITAN Commercial Realty Group in Albany, NY, puts it, “Spirit is an opportunistic real estate player.” They pick busy regional spots with a high volume of traffic, often arriving at deals with landlords for short-term leases, taking on the space ‘as is.’ This can provide some cash flow for property owners meanwhile the space is being marketed.
So, a Spirit Halloween often turns out to be beneficial for almost everyone involved—the business, the property owner, and shoppers eager for Halloween supplies.
Do they target areas in ascent or decline?
Even if Spirit’s business model is clever, there’s a humorous element to it. A former Bed, Bath, and Beyond may have once represented stability and maturity, while a Spirit Halloween feels, well, a bit goofy. Plus, it’s amusing to think about a store that’s literally “haunting” an empty retail space. It’s easy to understand why some might not see a Spirit opening as a signal of economic strength.
Stephanie D’Amico, VP of CrossMarc Services, notes that what might look like a sign of a “retail apocalypse” could just be a normal part of commercial real estate. “Retail is evolving,” she insists, arguing that an empty storefront with a temporary tenant doesn’t spell doom. Instead, it might soon be filled with a new grocery store or a brick-and-mortar location for an online business.
D’Amico further argues that a shopping center that hosts a Spirit is better off than one that bears an empty space. Halloween is a significant business, after all, and having a Spirit enhances shopper traffic.
On the other hand, if a Spirit reappears in the same location year after year, that could indicate trouble for the shopping center or market. If the spot remains vacant for an extended period, such as into spring, it could cast doubts on that area’s future.
Interestingly, a lack of a Spirit might also be a cause for concern. If there are several vacant spaces in shopping centers that could accommodate a Spirit, it may reflect a more extensive decline in business health. In some ways, having multiple Spirits in a bustling city seems better than witnessing several empty spaces.
Is there an impact on nearby property values?
So, what implication does the arrival of a Spirit Halloween—particularly multiple stores—have on property values in the area? Generally speaking, not much.
According to Drowlette, having a Spirit Halloween nearby does not directly affect the value of your home. “They don’t hurt markets; markets are in trouble if they have too many vacant spaces,” he explains.
Spirit has standards, and they’ll avoid locations unless traffic, income, and demographics align with their criteria, says D’Amico. Perhaps the presence of a Spirit Halloween isn’t so bad for your neighborhood after all.
Additionally, Spirit is looking to broaden its offerings: Spirit Christmas, a program they have implemented intermittently, is reportedly making a comeback in 2024 and expanding to 30 locations in 2025.
