Foot Locker’s future headquarters in St. Petersburg, Florida is no more, reports Footwear News (FN). In a memo from St. Petersburg city development administrator James Corbett, which was seen by FN, the retailer has “reevaluated” its corporate strategy following its $2.4 billion acquisition by Dick’s Sporting Goods in September. “[Foot Locker] has decided not to move forward with relocating its global headquarters to St. Petersburg,” Corbett wrote.
Foot Locker had announced its intention in August 2024 to move its global headquarters to St. Petersburg, Fla. in 2025 while maintaining a smaller presence in its current New York City office. At the time, Foot Locker said the move would help to cut costs and drive collaboration among teams in a location where many employees are already based. (Champs Sports, a subsidiary of Foot Locker, is already headquartered in St. Petersburg.) In March, national real estate investment firm The Feil Organization disclosed that the sneaker retailer had signed a long-term office lease for a 110,998-square-foot space in St. Petersburg.
Total Retail’s Take: Dick’s Sporting Goods has decided that its newly acquired Foot Locker business will not be relocating to Florida. It’s a loss for the city of St. Petersburg, which was anticipating the creation of over 150 jobs upon opening of the footwear brand’s new offices. Foot Locker was also heavily incentivized to make the move to the Sunshine State. In the memo, Corbett said that the St. Petersburg city council approved a resolution last year that authorized up to $475,000 in financial incentives to support Foot Locker in relocating its global headquarters to the Florida town. The package included a $235,000 base incentive and up to $240,000 in hiring incentives, contingent upon Foot Locker meeting specified conditions related to job creation, wage levels, capital investment, and supplier diversity, the memo stated…