It’s a long-standing joke that whenever a business fails, a Spirit Halloween emerges to occupy its abandoned retail space. Here’s a song about it.
But Halloween is ephemeral — even if you count the ~30 stores that will pivot to Spirit Christmas this year.
What else is there? Indoor adventure parks! Urban Air has 200+ locations across the US with more on the way, revitalizing vacant storefronts as it expands, per Entrepreneur.
What exactly are these things?
Fun for the whole family. Though the brand started as a trampoline park, locations now include activities like go-karts, bumper cars, mini-golf, laser tag, VR, indoor skydiving, climbing walls, bowling, and more.
Each park is different, with attractions selected based on what does and doesn’t already exist in a given region, while an in-house engineering team allows the brand to quickly adapt new locations.
Across all locations, Urban Air generates $600m+ in annual revenue.
Why it’s a booming business
Founder Michael Browning told Forbes that people — particularly millennials — are interested in spending their money on experiences, not objects, especially post-pandemic.
And while malls may struggle with foot traffic due to an increase in e-commerce, people will still visit shopping centers that offer food and entertainment options that can’t be replicated at home.
Urban Air parent company Unleashed Brands operates several brands for children, including The Little Gym and Premier Martial Arts. Ryan Slemons, Unleashed Brands’ head of real estate, told Entrepreneur such tenants also appeal to landlords as they attract customers who also visit nearby stores.
“Parents drop off their kids, go grab coffee or shop nearby and return later. That kind of repeat, family-oriented visitation is exactly what many centers are missing.”
Similar growth…
… can be found in other experiential businesses.
- Bowling is still popular, with chain Bowlero now at 350+ North American locations and counting.
- High-tech (and high-end) indoor golf clubs have been on the rise, offering amenities including golf simulators, restaurants, and bars.
Even Chuck E. Cheese, which saw its parent company file for bankruptcy in 2020 amid the pandemic, is making a comeback thanks to better pizza, trampolines, and new games. It also ditched its animatronics, RIP.
Notably, a common denominator seems to be taking something families have always liked — bowling, golf, arcade games — and modernizing them to fit generations that have grown up attached to screens, but still appreciate a chance to play.