:max_bytes(150000):strip_icc()/GettyImages-2163662928-d314b0f1422e4a6e83ac73cd682eb8e4.jpg "This Retailer Is Moving Its Headquarters–But It’s Not Making Its People Move")
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Key Takeaways
- Foot Locker is relocating its headquarters to Florida from New York City.
- The company, which already has a presence in Florida, expects the move to help collaboration and cut costs.
- One wrinkle: Foot Locker said it isn’t requiring employees to relocate.
If your company relocated its headquarters, would you move with it if it weren’t required?
That’s the question facing employees at Foot Locker (FL), which on Wednesday said it would move to St. Petersburg, Fla., from New York City late next year, maintaining “only a limited presence in New York City going forward.”
The move is intended to increase collaboration and cut costs, the company said as part of the release of its latest quarterly financial results, adding it would open a technology site in Dallas in September. It also builds on its already “meaningful presence in St. Petersburg,” Foot Locker said.
CEO Says Relocation ‘To Enhance the Center of Gravity We Have Already’
Chief Executive Officer (CEO) Mary Dillon said on the company’s conference call with analysts Wednesday that Foot Locker was still determining which departments might move. “But generally speaking, it’s kind of a move to enhance the center of gravity we have already, while maintaining a presence in New York,” Dillon said on the call, a transcript of which was made available by AlphaSense.
One wrinkle: Executives said on the call that they wouldn’t require relocation. According to an Atlas Van Lines survey released earlier this year, about two-thirds of companies said an employee declined to relocate in 2023.
“We really think we’ll be able to … retain our great talent,” Dillon said.