The Spirit Halloween meme primarily mocks the company's uncanny ability to occupy abandoned retail spaces within days of a business closing. It evolved significantly into the 'Costume Bag' format, where users photoshop obscure people or niche subcultures into a plastic costume bag featuring a satirical name and a list of humorous accessories. This meme typically peaks every September and October, reflecting internet culture's fascination with the rapid physical manifestation of seasonal retail and the 'liminal space' aesthetic of dying shopping malls. It captures the inevitable feeling that no matter what business fails, a Spirit Halloween is ready to take its place.