A wave of company relocations is coming, and cities are lining up to lure them with tax breaks and moving incentives. But does landing a big HQ still matter?
As part of national retailer Foot Locker Inc.’s efforts to reinvent itself — a 2023 blueprint called the Lace Up Plan — the struggling sneaker seller evaluated all aspects of its operations, including shedding underperforming outlets and opening a new community-oriented store concept. Also in the cards was a big move: In August, Foot Locker announced plans to uproot its headquarters from its longtime home in New York City to St. Petersburg, Florida.
The announcement capped a multiyear effort, as the central Florida city had been trying to lure the company with a package of property tax exemptions and financial incentives since at least 2021 — an effort the city code-named Project Athena. The relocation, set for late 2025, is projected to create 150 new jobs in Florida (relocation wasn’t mandated for existing employees) and give this Gulf Coast city of 260,000 its third Fortune 500 company.