Foot Locker Cancels Florida Headquarters Move After Dicks acquisition

Foot Locker has officially reversed its previously announced plan to relocate its global headquarters from New York City to St. Petersburg, Florida. This major shift comes directly after Dick’s Sporting Goods acquired Foot Locker for $2.4 billion. The acquisition triggered a full strategic reset inside the newly combined company. The decision, confirmed in a memo to St. Petersburg officials, brings an abrupt end to what had been positioned as a major economic win for the Florida city.

A Headquarters Move Halted by New Ownership

At first, Foot Locker’s Florida relocation was intended to streamline operations, reduce costs, and consolidate leadership under a fresh strategic direction. The company had already secured 111,000 square feet of Class A office space. They also planned roughly $20 million in build-out investments and expected to bring 150–230 jobs to the region.

However, once Dick’s Sporting Goods finalized its acquisition, the incoming leadership reevaluated all corporate plans. As a result, the relocation no longer aligned with the merged company’s goals. In his memo to the City Council, St. Petersburg development administrator James Corbett made it clear: the headquarters move is officially canceled. Foot Locker will remain in New York for the foreseeable future.

This shift also reflects a leadership change. Former CEO Mary Dillon, who originally championed the Florida relocation, did not stay on after the sale. Meanwhile, Dick’s Executive Chairman Ed Stack is now overseeing Foot Locker’s global operations. He brings new priorities and a new view of the company’s real estate footprint.

No Incentives Paid Out and No Financial Loss to the City

Because the move is now off, the incentive package St. Petersburg had approved, worth up to $475,000, will not be paid. This package included:

• A $235,000 base incentive

• Up to $240,000 tied to job creation, investment, and diversity milestones

Since none of those deliverables will occur, the city owes nothing. Instead, the unspent funds will be reallocated to future economic development projects.

Although there is no financial loss, there is a clear symbolic setback. St. Petersburg had promoted the relocation as a validation of the city’s growth, talent pool, and appeal to national brands. Losing a global headquarters opportunity certainly slows that momentum.

Real Estate Complications Remain

Even though the relocation is canceled, Foot Locker had already entered a long-term lease in the Carillon Business Park. Because that lease extends into the 2030s, the company will now need to negotiate an exit, sublease the space, or repurpose it under Dick’s broader real estate plan.

At the same time, Foot Locker maintains a smaller office facility at Fountain Parkway. It is used by Champs Sports and other existing teams. It remains unclear whether Dick’s will consolidate, expand, or scale back those Florida operations.

Meanwhile, in New York City, Foot Locker’s current headquarters lease runs through 2031. This means the company must now evaluate whether to continue occupying that full footprint. Alternatively, they may integrate operations more tightly into Dick’s existing Pennsylvania-based corporate network.

What This Decision Signals

Overall, the reversal underscores three common realities in major corporate acquisitions:

1. New owners reassess everything
Relocation plans made under former leadership rarely survive unchanged once a new parent company steps in.

2. Performance-based incentives protect taxpayers
Because St. Petersburg structured the package around deliverables, no funds were lost when the move collapsed.

3. Corporate recruitment is always fragile
Cities compete aggressively for headquarters, but M&A activity can unravel even the most promising deals.

For Foot Locker employees, this change adds new layers of uncertainty. Staff who anticipated relocating to Florida must now reconsider their long-term plans. Meanwhile, employees in Florida must wait to see how Dick’s reorganises overlapping functions.

Looking Ahead

Foot Locker’s relocation cancellation reflects a classic post-acquisition restructuring. After Dick’s Sporting Goods took control, the new leadership prioritized its own strategic direction and eliminated a move that no longer aligned with its long-term plan.

Although St. Petersburg loses a high-visibility headquarters project, the city also avoids financial risk. It keeps all previously allocated incentive funds intact. While the decision reshapes expectations for both regions, it ultimately shows how quickly corporate strategies can shift. This can occur when ownership and priorities change.