This Franchise Turns Empty Big Box Stores Into Adventure Parks

Across the country, massive retail spaces once occupied by chains like Bed Bath & Beyond and Party City now sit empty. But for Urban Air Adventure Park (#123 on the 2025 Franchise 500), those vacancies are anything but a problem — they’re an opportunity. The fast-growing family entertainment franchise is converting big-box stores into sprawling indoor adventure parks and, in the process, helping shopping centers bring back foot traffic.

With more than 200 locations open and several more scheduled to debut by year’s end, Urban Air has quietly become a powerful force in retail real estate. The brand’s indoor parks feature everything from go-karts and bumper cars to ropes courses and indoor skydiving.

“Because we focus on experiential entertainment, we’re attracting exactly the type of guests today’s shopping centers need,” says Tim Sharp, president of Urban Air. “With our wide range of attractions, every visit feels new — and people are showing up in droves.”

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“An experiential concept like ours draws consistent weekend traffic.”

Urban Air’s growth has been fueled by an adaptive-reuse model that turns second-generation retail space into family destinations. “The vast majority of spaces we’re taking today are second generation,” says Ryan Slemons, head of real estate for Unleashed Brands, Urban Air’s parent company. “We’re seeing strong demand from landlords who recognize that an experiential concept like ours draws consistent weekend traffic and supports the other retailers in the center.”

That model has evolved significantly since the company’s early years. Urban Air initially opened in industrial parks before shifting to shopping centers after customers voiced a preference for convenience and proximity to other stores and restaurants. Today, the parks range from 20,000 to 50,000 square feet and are tailored to fit each market.

“We do our market research and look at what already exists in a community,” Sharp says. “If there’s already a lot of laser tag, for instance, we’ll look toward go-karts or another attraction that differentiates the park. There’s no reason to go head-to-head in an entrenched market when we have a full library of experiences to choose from.”

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“Franchisees can open faster and hit their ROI targets sooner.”

One reason Urban Air can move into new spaces so quickly is its in-house engineering and design team, which allows the company to manage complex conversions and keep costs in check. “We brought subject-matter experts in-house as our builds got more complicated,” Slemons says. “By paying close attention to things like mechanical, electrical and plumbing systems early in the design stage, we’re able to reduce both construction time and capital costs — which means franchisees can open faster and hit their ROI targets sooner.”

That efficiency has helped Urban Air grow at roughly 25 new units per year, even in a challenging post-pandemic real-estate environment. Across all units, the system now generates more than $600 million in annual revenue.

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For landlords, the appeal goes beyond rent checks. Urban Air parks attract families that spend hours on-site, creating a steady flow of cross-shopping that benefits surrounding retailers. Slemons noted that other tenants often see a bump in weekend traffic when a park opens. “Parents drop off their kids, go grab coffee or shop nearby and return later,” he says. “That kind of repeat, family-oriented visitation is exactly what many centers are missing.”

“Families want to make memories, not just purchases.”

Sharp adds that franchisees, many of whom are local owners, strengthen those community ties. “When our franchisees are active in their towns, the community supports them — and that support carries over to every business in the area.”

As ecommerce reshapes retail, Urban Air is proving that experience still has the power to draw crowds. Sharp believes experiential concepts will anchor the next generation of shopping centers. “We’re driving the experience-based economy forward,” he says. “Retail is shifting from things to experiences, and that plays right into our strengths. Families want to make memories, not just purchases — and we give them a reason to leave the house and do both.”

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Across the country, massive retail spaces once occupied by chains like Bed Bath & Beyond and Party City now sit empty. But for Urban Air Adventure Park (#123 on the 2025 Franchise 500), those vacancies are anything but a problem — they’re an opportunity. The fast-growing family entertainment franchise is converting big-box stores into sprawling indoor adventure parks and, in the process, helping shopping centers bring back foot traffic.

With more than 200 locations open and several more scheduled to debut by year’s end, Urban Air has quietly become a powerful force in retail real estate. The brand’s indoor parks feature everything from go-karts and bumper cars to ropes courses and indoor skydiving.