Greater Houston is cutting its limited retail availability even further by temporarily filling dozens of empty storefronts with Spirit Halloween stores.
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Spirit Halloween is opening 1,525 seasonal retail locations in 2024, a new record for the company. In Houston, the retailer will temporarily fill storefronts vacated by brands that closed following bankruptcies, including Tuesday Morning and Bed Bath & Beyond, according to the store’s website.
“Visiting a Spirit Halloween store is more than just a shopping trip — it's entertainment, it's tradition, it's creating moments and memories with family and friends that bring the magic of Halloween to life, and we are thrilled to welcome fans back to the show,” Spirit Halloween CEO Steven Silverstein said in a news release.
A familiar haunt through the Halloween season, Spirit's temporary descent on what few spaces are available comes as the Houston retail market enjoys sustained strength. Vacancy hovers around 5% and demand is keeping net absorption positive, according to Partners Real Estate's second-quarter report.
Houston has about 3.7M SF of retail product under construction, and closures of brands with numerous locations kept vacancy relatively stable. The shuttering of chains like 99 Cents Only Stores and Conn’s is providing opportunities for landlords to charge higher rents while the retail market is relatively tight, leaving supply and demand well balanced.
Asking rent was $20.80 per SF in the second quarter, a 2.5% increase from a year prior, the Partners report shows.
Spirit Halloween typically leases stores for three months but can exit if a landlord finds a permanent tenant, the Houston Chronicle reported, adding that store sizes range from 5K SF to 50K SF.
The chain specializing in spooky season products is already open or planning to open in seven former Tuesday Morning stores, two former Bed Bath & Beyond stores and a Buybuy Baby, all of which closed following bankruptcies in 2023. Spirit Halloween will also operate in locations that once housed Party City, Staples, Arhaus Furniture, Family Dollar, Sam Ash, Red Tag Furniture, Sears, Amish Furniture, Chair King, Gander Mountain, Nike, Bin Drop and CVS, according to its website.
Spirit Halloween touts an immersive experience in its stores and primarily sells Halloween costumes and decorations. It will employ 50,000 associates as stores open, a release says.
