Halloween Express Franchise Cost, Revenue & Review 2026
- Investment
- $170K – $268K
- Disclosed sales
- not disclosed
- SBA charge-off
- Under 10 loans (5)
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Halloween Express is a seasonal retail franchise selling costumes, decorations, and party supplies through pop-up stores. Franchisees run temporary locations each fall, managing inventory, seasonal staffing, and merchandising.
FranchiseVerdict summary · 2026
A Halloween Express franchise requires a total initial investment of $170K – $268K, including a $10K franchise fee and an ongoing 5.0% royalty[2]. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. FranchiseVerdict grade: D (Below average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: high - issued more than two years ago
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✗ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored4 of 4 headline figures on this page cite a page of the filing.
Overview
- Investment
- $170K – $268K
- 19th pct Retail
- Avg gross sales
- N/A
- Royalty
- 5.0%
- 6th pct Retail
- Units
- 49
- 20th pct Retail
- SBA charge-off
- N/A
Quick verdict · Retail · color = vs category peers
Green = favorable by >10% vs Retail median · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $170K – $268K including a $10K franchise fee, 5.0% ongoing royalty.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict D (Below average), verdict score 28/100 (higher is better).
- GROWTHNegative: net -9 franchised outlets in the latest year (4 opened, 13 closed) (Item 20).
- DECLINESystem contracting at -35.5% CAGR over 3 years. Investigate whether closures are franchisor-driven (consolidation) or franchisee-driven (economics).
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- HEX NEWCO, LLC
- Predecessor
- Halloween Express, LLC
- Prior franchisor entity
- CEO title
- President and Chief Executive Officer
- Holly Bowling
- CEO experience
- 2005 yrs
- Years in role or industry
- Incorporated in
- KY
- HQ
- 302 N. Main Street, Owenton, Kentucky 40359
- Auditor
- Goldberg & Davis, CPAs
- Audited financials
- Franchisor revenue
- $555K
- vs $398K prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
Overview
About
- CEO
- Holly Bowling
- Headquarters
- KY
- FDD year
- 2022
- States available
- 18
Can you afford it, and what does the money buy?
Entry cost runs 35% below the typical retail franchise.
Source: FDD 2022 · Items 5–7
Full Item 7 breakdown13 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $10K | $10K | |
| Travel & Living Expenses While Attending Initial Training | $1K | $3K | |
| Lease Deposit | $1K | $10K | |
| Equipment and Furniture | $4K | $15K | |
| Initial Inventory | $120K | $180K | |
| Marketing | $10K | $10K | |
| Signs | $250 | $1K | |
| Other Deposits | $0 | $1K | |
| Insurance | $250 | $1K | |
| Professional Fees and Licenses | $500 | $2K | |
| Operating Cash | $10K | $20K | |
| Additional Funds 1 Month | $3K | $5K | |
| Retail Inventory Control System | $10K | $10K | |
| Total initial investment | $170K | $268K |
Line items extracted from FDD Item 7. Ranges reflect the franchisor's stated low and high per line. Total is the sum of line-item lows / highs — actual costs may fall outside this range depending on market and build-out scope.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $170K – $268K
- Top 40% of category vs category
- Liquid capital req'd
- $3K – $5K
- Top 40% of category vs category
- Franchise fee
- $10K – $10K
- Top 40% of category vs category
- Royalty
- 5.0%
- typical 6–8%
- Ad fund
- -n/d
- Total fee load
- 5.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Transfer fee | $3K |
| Renewal fee | $3K |
| Inventory (initial) | $120K – $180K |
| Total fee load | 5.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Halloween Express makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one Halloween Express unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for annual revenue, ad fund rate, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2022 FDD
Financial Performance
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 5.0% — below the Retail median of 8.0%.
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator retention
System contracting at -35.5% CAGR over 3 years. Investigate whether closures are franchisor-driven consolidation or franchisee exits.
Multi-unit rate
Only 1% of franchisees own multiple units. Could indicate challenging economics or a young system where operators haven't had time to expand.
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Retail medians
How Halloween Express Compares
Category median of published Retail brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2022 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 49
- Opened
- 4
- Last reporting year
- Closed
- 13
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 26.5%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Multi-unit owners
- 1.0%
- Net growth (3-yr)
- -35.5%
- Net unit change over 3 years
- 3-yr CAGR
- -35.5%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 0
- Signed, not yet open
- 0
- 0.00 per open outlet · Item 20 Table 5
- Projected new
- 0
- Franchisor's next-year forecast
- Ceased ops
- 26.5%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 14 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
Where the owners are · Item 20 owner list
36 current owners across 14 states.
- MN 6
- CA 5
- NC 5
- SC 5
- KY 4
- FL 2
- KS 2
- AL 1
- AR 1
- IA 1
- IN 1
- NJ 1
- +2 more states
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA loan disclosures. This brand has only 5 7(a) loans on file; statistical reliability is limited below 10 loans.
- Total loans
- 5
- Loan volume
- $375K
- Median loan
- $75K
- 50th percentile
- Charge-off rate
- Under 10 loans (5)
- Insufficient SBA coverage: 5 loans, rate hidden below 10
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- Under 10 loans (5)
- 5-yr charge-off
- Under 10 loans (5)
- Loans approved 2021+
- Active lenders
- 4
- Defaults
- N/A
Explore lender portfolios on Bank Reports or regional data on State Reports.
What could kill this investment?
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Halloween Express presents high risk due to significant unit decline, undisclosed financial performance, multi-state litigation, and lack of transparency around franchisee earnings.
Litigation (Item 3)
Subject: the franchisor is a named party (defendant).
Colorado franchisee lawsuit (Crazy Willy's) for $300,000 alleging conversion, tortious interference, negligence, etc., dismissed for improper venue. Virginia Settlement Order (2008) for offering franchises before registration, $3,500 penalty. Washington Consent Order (2010) for similar violation, $1,500 penalty.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Goldberg & Davis, CPAs
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
The provided pages (p128-p133) are NOT audited financial statements. They are the Halloween Express Franchise Owner's Manual table of contents and appendix cover pages (Appendix E - Owner's Manual TOC, Appendix F - General Release of All Claims). No balance sheet, income statement, or Independent Auditor's Report is present, so no Item 21 financial figures could be extracted.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Kickbacks from required suppliers: No
- Must buy proprietary products: No
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 28 / 100 verdict
- 01MINOR15.5% unit contraction year-over-year indicates a shrinking franchise system with potential structural problems
- 02MEDNo disclosed average revenue or net income data (Item 19) prevents proper ROI validation and suggests weak or inconsistent unit economics
- 03HIGHMultiple litigation matters across three states (Colorado, Virginia, Washington) signal compliance issues and regulatory friction
- 04MINORSeasonal business model creates cash flow volatility and limits franchisee income stability outside peak Halloween season
- 05MINORInitial investment range of $170K-$267K is substantial for a declining system with no proven profitability benchmarks
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 5.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2022 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 5 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 1 |
| Territory type | Exclusive territory |
| Protected territory | Yes |
| Exclusive territoryℹ | Yes |
| Territory radius | 3 mi |
| Online sales rightsℹ | Granted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 100 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 7 days |
| Mandatory arbitration | Yes |
| Arbitration location | Akron, Ohio |
| Jury trial waiver | Yes |
| Governing law | OH |
| Litigation count | 3 |
View Item 3 litigation summary
Colorado franchisee lawsuit (Crazy Willy's) for $300,000 alleging conversion, tortious interference, negligence, etc., dismissed for improper venue. Virginia Settlement Order (2008) for offering franchises before registration, $3,500 penalty. Washington Consent Order (2010) for similar violation, $1,500 penalty.
Items 10, 11
Training & Operations
- Classroom training
- 40 hrs
- On-the-job training
- 0 hrs
- Training location
- Owenton, Kentucky
- Ongoing training
- Required
- Site selection
- Franchisor must approve location; franchisee identifies and proposes
- Franchisor financing
- Not offered
- Item 10
- POS system
- RICS Retail Inventory Control System
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: RICS Retail Inventory Control System
Item 20 · call current owners
Franchisee Contacts
36 owners to call
Name · phone · city · state. Extracted from FDD Item 20
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Halloween Express franchise?
The total investment to open a Halloween Express franchise ranges from $170K – $268K, with an initial franchise fee of $10K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Halloween Express franchise owners earn?
Halloween Express makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns Halloween Express?
Halloween Express is franchised by HEX NEWCO, LLC. Source: FDD Item 1, 2022 filing.
What is Item 19 in the Halloween Express FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the Halloween Express FDD and qualifies whose outlets they describe.
What is Halloween Express's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Halloween Express (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many Halloween Express franchise locations are there?
As of their most recent FDD filing, Halloween Express has 49 total units in the United States, including 49 franchised units and 0 company-owned units. 4 new units were opened in the latest reporting year.
Is Halloween Express a good franchise to buy?
FranchiseVerdict rates Halloween Express as a D-grade franchise with a verdict score of 28 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.