Spirit Halloween locations may close after Halloween, but the business remains hard at work year-round.
As retail store closures have ramped up in recent years, Spirit Halloween opened a record number of new locations this year.Halloween is over, and your local Spirit Halloween is about to become a ghost town.
The Halloween chain is also nearly fully vertical, with Spirit Halloween handling all the"sourcing, design and manufacturing" itself, CEO Steven Silverstein said Monday on CNBC's"The Exchange.""Spirit has become such a phenomenon that no other market can keep up with it," Silverstein said. For landlords, it means someone is leasing their space, if even for a few months. Store closures have ramped up in recent years, as struggling retailers such asclose large swaths of locations across the country. These become opportunities for Spirit Halloween, then, as the company pays to use the abandoned space for the Halloween season.A screenshot of Spirit Halloween's online store locator on Nov. 1, 2023, which shows what previously occupied the retail space.
The store, in Manhattan's Upper West Side, was opened in the former location of Harmon Face Values, a health and beauty retailer that was owned by now-bankrupt Bed Bath & Beyond.It takes nine to 11 days for a Spirit Halloween store to go through the opening process, the company told CNBC. The short setup time gives the retailer a leg up over traditional retail openings, said GlobalData retail analyst Neil Saunders.
"The AC went out my first week here," said one of the location's managers, who declined to be named since they weren't authorized to comment."Since we're only here a couple months, I think it's not worth fixing, in their opinion."
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