The store that kinda just appears one night in your local mall like an apparition only has a few months to make a year’s worth of revenue. But thanks to its ~1,500 pop-up locations and 50,000 seasonal workers, Spirit Halloween remains the king of spooky spending.

The early aughts mall icon Spencer Gifts bought Spirit in 1999, and when current Spencer’s CEO Steven Silverstein started in 2003, the Halloween retailer had just 130 stores around the US. Moody’s Ratings recently estimated that Spencer’s and Spirit made about $1.9 billion in 2023—with with Spirit bringing in more than Spencer’s.

The key to success, which has long been immortalized in memes, has been Spirit’s commitment to scooping up short-term leases , especially after bankrupt big-box stores leave:

The company has always

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