The $1.8 Billion Lesson from Spirit Halloween

Like a classic horror film, every October, Spirit Halloween stores inhabit the bodies of forgotten Rite Aids, Sears, and Bed Bath & Beyonds across the U.S., only to vanish two months later without a trace.

But unlike most pop-ups, Spirit has transformed seasonal retail into a billion-dollar brand. With around 1,500 stores in 2024, employing 50,000 seasonal workers, they make their entire year’s earnings in just two months, generating an estimated $1.86 billion in sales. In a Halloween industry worth $11.4 billion, Spirit Halloween holds over 16% of the market share.

The most impressive part? Their ability to stay agile on such a large scale.

While traditional retailers lock in multi-year leases, Spirit negotiates for only 2-3 months. This short-term approach gives them just enough data to determine if they should return to that area next season. If a location isn’t profitable, they cut their losses quickly and move on. If it succeeds, they can easily scale. 

So, what does this mean for a six-figure coaching business? … Absolutely nothing.

It may be my poor attempt at a horror film twist but the lesson here isn’t about replicating Spirit’s model—it’s about understanding the context of advice.

We often read stories like this, trying to extract nuggets of wisdom without fully considering the context. Most coaching businesses earning less than $25k per month make bad calls based on short-term data—typically because they don’t have a large enough audience yet.

You might have the right niche and the right offer, but without a warmed-up distribution channel, even the best offer can fall flat.

If you take Spirit’s approach too soon, you risk killing an offer that simply needs more time to gain traction.

Spirit Halloween can afford to make swift, sweeping decisions based on short-term data because they have the reach, revenue, and brand awareness to make those calls.

Here’s a rule I learned the hard way: when testing new platforms—whether it’s ads, newsletters, or sponsorships—commit to a minimum 6-month trial before deciding if it’s working. If you’re not ready to give it that long, don’t start at all.

And if you’re really looking for advice, you’re better off researching what Spirit was doing when they were earning less than $500k a year. 

So this Halloween, take a look behind the mask. Make sure you’re comparing apples to apples before applying someone else’s strategy to your business. 

Cheers to not getting tricked by their treats. 🎃

PS - Want me to break down how to build an audience without being so dependent on social? Check it out here.