Halloween ExpressFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
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]. The 2022 FDD does not disclose unit-level revenue (no Item 19). Verdict grade: F. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2022 FDD issuance
Overview
- Investment
- $170K – $268K
- 17th pct Retail
- Avg gross sales
- N/A
- 21st pct Retail
- Royalty
- 5.0%
- 6th pct Retail
- Units
- 49
- 19th pct Retail
- SBA default
- 0.0%
- system-wide median varies by category
Quick verdict · Retail · color = vs category peers
Green = >15% above Retail avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
The system contracted 16% year-over-year. Investigate why units are closing.
Bottom line
- Total investment $170K – $268K including a $10K franchise fee, 5.0% ongoing royalty.
- No Item 19 financial performance data disclosed. The franchisor chose not to publish revenue figures.
- Verdict F (Bottom Quintile) with a risk score of 100/100.
- System 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
- Legal entity
- HEX NEWCO, LLC
- 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
Halloween Express franchisees operate seasonal pop-up retail stores that sell costumes, decorations, and party supplies, typically opening 6-8 weeks before Halloween. Daily operations include inventory management, point-of-sale transactions, staffing temporary employees, and merchandise displays in leased retail spaces that are often temporary locations.
- CEO
- Holly Bowling
- Headquarters
- KY
- Founded
- 2005
- FDD year
- 2022
- States available
- 18
FDD Item 7 · 2022 filing · 13 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
- Better than avg vs category
- Liquid capital req'd
- $13K – $25K
- Better than avg vs category
- Franchise fee
- $10K – $10K
- Better than avg vs category
- Royalty
- 5.0%
- percentage_of_gross · 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 |
| Total fee load | 5.0% of rev |
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
vs Retail averages
How Halloween Express Compares
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 (yr3)
- -15.5%
- Net unit change last year
- 3-yr CAGR
- -35.5%
- Compounded over last 3 years
3-year detail · Item 20
- Transfers (3yr)
- 0
- Ceased ops
- 26.5%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 23 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.
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
- 0.0%
- rates vary by category · see methodology
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- 100.0%
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 4
- Defaults
- 0
Explore lender portfolios on Bank Reports or regional data on State Reports.
Premium insight
SBA Lending Report
Deep-dive into Halloween Express's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 2 lenders with concentration factor
- Per-state charge-off rates across 1 states
- Startup risk premium and job creation velocity
- 3-year lending trend
Instant access. No subscription.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
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)
Colorado: Crazy Willy's Inc. et al. v. Halloween Express - franchisee suit for $300,000 involving conversion, tortious interference, negligence, breach of fiduciary duty, civil conspiracy, unjust enrichment, and breach of implied covenant of good faith and fair dealing. Removed to federal court; dismissed from Colorado court March 18, 2013 without prejudice due to exclusive Ohio venue clause. Virginia: Settlement Order September 17, 2008 with Virginia State Corporation Commission regarding unregistered franchise offerings and disclosure document non-compliance; paid $2,000 penalty plus $1,500 investigation costs.
Largest disclosed settlement: $2,000
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Goldberg & Davis, CPAs
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Kickbacks from required suppliers: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 100 / 100 rating
- 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
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 5 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 1 |
| Territory type | Radius |
| 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 |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Jury trial waiver | Yes |
| Governing law | Ohio |
| Litigation count | 3 |
View Item 3 litigation summary
Colorado: Crazy Willy's Inc. et al. v. Halloween Express - franchisee suit for $300,000 involving conversion, tortious interference, negligence, breach of fiduciary duty, civil conspiracy, unjust enrichment, and breach of implied covenant of good faith and fair dealing. Removed to federal court; dismissed from Colorado court March 18, 2013 without prejudice due to exclusive Ohio venue clause. Virginia: Settlement Order September 17, 2008 with Virginia State Corporation Commission regarding unregistered franchise offerings and disclosure document non-compliance; paid $2,000 penalty plus $1,500 investigation costs.
Items 10, 11
Training & Operations
- Classroom training
- 40 hrs
- On-the-job training
- 0 hrs
- Training location
- location approved by franchisor
- 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
50 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Halloween Express · FDD (2022) PDF
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 does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
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 F-grade franchise with a risk score of 100 out of 100, based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. 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.
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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.