. But the company's strategy to occupy more than 1,500 storefronts and hire around 50,000 seasonal workers across North America is no easy feat.
Spirit Halloween was acquired by longtime mall retailer Spencer's in 1999. By 2015, Spirit Halloween was bringing in about $400 million of revenue, according to Moody's Ratings. The firm estimates that the combined businesses, known as Spencer Spirit Holdings, brought in $1.87 billion in 2023. Moody's vice president of corporate finance Michael Tellis said Spirit Halloween accounts for a larger share of the company's revenue than Spencer's does.
Larry Link, president of New York real estate firm Level Group, said a New York City pop-up store typically pays a 20% to 30% premium to use a space for a short-term contract. Lease holdovers and property damage are two of the primary concerns for landlords renting to a temporary retailer, but he said Spirit Halloween is a special case.
In rural areas, it is substantially lower. CNBC looked at a Spirit Halloween lease proposal in Redding, California. That space typically leases for about $27,000 per month, according to the listing. The proposal indicates Spirit offering $30,000 for a four-and-a-half-month contract in April.