Foot Locker announced on Wednesday its decision to relocate its corporate headquarters from New York City to St. Petersburg, Florida.
The sneaker retail giant cited the Empire State’s exorbitant tax burden and operational costs as primary factors in this strategic shift, according to the New York Post.
“To better support our strategic progress, increase team member collaboration, and maintain ongoing expense discipline, we made the decision to relocate our headquarters to St. Petersburg,” said CEO Mary Dillon in its second quarter financial results.
This relocation is just the latest in a series of high-profile exits from New York, as companies flee the state’s oppressive tax regime and increasingly hostile business environment. Foot Locker’s move is not just a blow to New York but also a significant win for Florida.
According to the press release:
In partnership with the City of St. Petersburg and Pinellas County, the St. Petersburg Area Economic Development Corporation (St. Pete EDC) welcomes today’s announcement that Fortune 500 company Foot Locker, Inc. has chosen St. Petersburg as its new home for its corporate headquarters. The global retailer will move from New York City to St. Petersburg in late 2025.
In an earnings call, Foot Locker, Inc. President & CEO Mary Dillon said of the move, “What this really does is build on what already is a very meaningful commercial and executive team presence in the St. Pete market. We have a large center of gravity there already[we] have a large concentration of folks there already, and we think it’s a great place for us to continue to grow and do business and continue to attract top talent. We will maintain a limited presence only in New York, but we will have a presence connecting us to sneaker culture, sports, fashion. We think this is going to continue to give us better opportunities, both for further collaboration across the business, and there’s some financial benefit over time as well.”
St. Petersburg Mayor Kenneth T. Welch shared, “Foot Locker’s move represents a significant corporate relocationand importantly, it’s another example of impactful and inclusive economic development in our city and the Tampa Bay region. On the heels of the generational Historic Gas Plant District project approval, St. Pete has now attracted a Fortune 500 company that will create 150+ more jobs and further diversify our workforce. Our partners who helped to secure Foot Locker share the City’s commitment to fostering a vibrant, diverse business environment.”
Foot Locker will be the third Fortune 500 headquarters based in St. Petersburg, and the fourth in Pinellas County, joining St. Petersburg’s Jabil and Raymond James, and Largo’s TD Synnex. The Tampa Bay metro area is second only to Miami in Fortune 500 headquarters in Florida. The company will be offered base and hiring incentives pending City Council approval.
“Foot Locker is so well-aligned with St. Pete,” says St. Pete EDC President & CEO Mike Swesey. “Foot Locker’s creative focus on their young, diverse customer base mirrors the creativity and diversity found here, and we’re a city where people sport sneakers both in the boardroom and by the bay, so we welcome our new sneakerhead neighbors.”
One of St. Pete’s attractions for business is its responsive government. Leaders from the City of St. Petersburg, Pinellas County, and the State of Florida are working together to welcome Foot Locker. Cynthia Johnson, Director of Pinellas County Economic Development, said, “One reason we are the ideal business climate is the collaboration among business and government at all levels. We saw this in the recruitment of ARK Invest and Dynasty Financial, who also relocated their headquarters from New York. We look forward to partnering with Foot Locker as they expand their presence in St. Petersburg with their headquarters relocation.”
Foot Locker’s move is expected to take place in late 2025. Foot Locker is working with JLL’s Location Economics Practice to identify the new headquarters site.
The post Foot Locker Flees New York’s Crushing Taxes, Relocates Headquarters to Business-Friendly Florida appeared first on The Gateway Pundit.
Source: The Gateway Pundit
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