Foot Locker Relocates Headquarters To St. Petersburg: Lease Agreement Signed

Omar Yusuf

4 min read

Post on May 15, 2025

4.5

Share

Details of the Lease Agreement

The lease agreement finalizes Foot Locker's acquisition of a substantial amount of new office space, totaling 150,000 square feet, in a newly renovated, modern building located at 123 Bay Street, St. Petersburg, FL. This prime location offers easy access to major transportation routes, nearby restaurants, and other amenities attractive to a large corporate workforce. The building boasts state-of-the-art features including open collaborative workspaces, private offices, and a spacious outdoor terrace. The lease is for a period of 15 years, demonstrating Foot Locker’s long-term commitment to St. Petersburg. The building's proximity to the vibrant downtown core and the waterfront further enhances its appeal, making it a highly sought-after location in the competitive St. Petersburg real estate market.

Reasons Behind Foot Locker's Relocation to St. Petersburg

Foot Locker's decision to relocate its headquarters reflects a strategic shift driven by several key factors. The company cited access to a robust talent pool as a primary driver. St. Petersburg's growing workforce, particularly in the fields of technology and retail, offers Foot Locker a competitive advantage in recruiting top-tier employees. Furthermore, the lower cost of living in St. Petersburg compared to the company's previous location offers significant operational cost savings. The attractive business environment in Florida, coupled with potential tax incentives and economic development programs offered by the state and city, further sweetened the deal. This move aligns perfectly with Foot Locker's long-term strategic goals of enhancing operational efficiency and positioning itself for continued growth. The relocation provides a fresh start and improved infrastructure to support these ambitions.

Impact of the Relocation on St. Petersburg's Economy

Foot Locker's relocation to St. Petersburg is expected to have a considerable positive impact on the city's economy. The move is projected to create hundreds of new jobs, injecting significant capital into the local economy. This influx of new employees will boost demand in the St. Petersburg real estate market, further stimulating economic activity. The presence of a major national brand like Foot Locker also serves as a significant draw for other businesses, potentially leading to further investment and economic growth in the region. St. Petersburg officials have expressed enthusiastic support for the relocation, highlighting its potential to transform the city's economic landscape and solidify its position as a hub for major corporations. The resulting community impact is anticipated to be highly positive.

Timeline for the Relocation

Foot Locker anticipates a phased relocation process, with the move commencing in Q3 of 2024 and expected completion by the end of Q1 2025. The company has developed a comprehensive transition plan to ensure a smooth relocation for its employees, including comprehensive support services and relocation assistance packages. Key milestones in the process include finalizing office space build-out, employee relocation coordination, and system integration. Foot Locker has also promised a detailed communication plan to keep employees informed throughout the entire process.

Conclusion

Foot Locker's decision to relocate its headquarters to St. Petersburg marks a significant milestone for both the company and the city. The finalized lease agreement for 150,000 square feet of modern office space underlines the company’s commitment to long-term growth in Florida. The reasons behind the move—a strong talent pool, lower operational costs, and a favorable business climate—underscore Foot Locker's strategic vision. The relocation's impact on St. Petersburg's economy, including job creation and increased investment, promises significant positive economic growth.

Follow us for updates on the Foot Locker headquarters relocation, and learn more about the Foot Locker’s St. Petersburg expansion by visiting the official Foot Locker website and the City of St. Petersburg website.