Foot Locker is planning a classic East Coast relocation.
The footwear retailer announced Wednesday it would move its headquarters from New York City to Florida to avoid the Big Apple’s rising costs. The southern migration route has been popularized by the area’s locals when they reach retirement age. Now it’s gone corporate with Foot Locker’s move expected to be finished by the end of 2025.
“To better support our strategic progress, to increase team member collaboration, as well as ongoing expense discipline, we made the decision to relocate our headquarters to St. Petersburg, Fla.,” CEO Mary Dillon said in a statement. Dillon noted, however, that employees won’t be required to relocate.
Foot Locker’s sister company Champs used to be in St. Petersburg, which isn’t a city known for corporate relocation the way others such as Austin have become. Dillon said the company will maintain a presence in New York.
“There are cost efficiencies over time by doing this, but we’re going to continue to have a presence in New York to keep connections to basketball and sneaker culture,” Dillon told Bloomberg.
The company’s decision comes during a year of struggles for the shoe industry: Nike, Adidas, and Under Armour have all dealt with high inventories and lower earnings projections. Both Nike and Under Armour have had layoffs this year. Adidas recently provided some hope, posting a strong second quarter after months of controversy. Foot Locker’s shares are down 4.3% on the year.
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