Foot Locker Trades Manhattan for St. Petersburg, FL in Major HQ Relocation

Foot Locker, the global retailer known for its sneaker stores, is moving its headquarters from Manhattan's Penn District to St. Petersburg, Florida, next year. The company already has a significant presence in the Florida city, which CEO Mary Dillon highlighted during a recent earnings call. Despite the relocation, Foot Locker plans to maintain a "limited presence" in New York City, likely referring to its office space, while continuing to operate its numerous retail stores across the city.

History of Foot Locker's Manhattan Presence

Foot Locker had previously moved its global headquarters within Manhattan, shifting from Empire State Realty Trust’s building at 112 West 34th Street to Vornado Realty Trust’s property at 330 West 34th Street in 2015. The company leased approximately 147,000 square feet in a deal set to expire in 2031. As of now, Vornado’s building, which spans 682,000 square feet, has several vacancies in both office and retail spaces.

St. Petersburg's Appeal and Past Efforts

Rumors about Foot Locker's move to St. Petersburg have circulated for years. In 2021, the city attempted to attract the company with an incentive package, although the effort seemed unsuccessful at the time. The move now solidifies St. Petersburg as the home of Foot Locker, making it the third Fortune 500 company to be based in the city, alongside Jabil and Raymond James.

Corporate Migration to Florida

Foot Locker’s relocation is part of a broader trend of companies moving their headquarters to Florida, particularly since the onset of the Covid-19 pandemic. From 2020 to 2023, New York saw 158 wealth management firms leave the state, with 56 relocating to Florida. High-profile firms such as Icahn Capital Management, ARK Investment Management, and Citadel have also made the move to the Sunshine State.