Foot Locker relocating headquarters from New York to Florida to reduce costs

Foot Locker is planning to move its headquarters from New York to Florida by late 2025. 

The company made the official announcement on Wednesday that the city of St. Petersburg will become its new corporate headquarters location.

Foot Locker said it is looking to further build its "meaningful presence in St. Petersburg and to enable increased collaboration among teams across banners and functions, while also reducing costs."

The company said it "plans to maintain only a limited presence in New York City going forward."