Foot Locker will no longer move its headquarters to St. Petersburg, Florida after it was acquired by Dick’s Sporting Goods in September.

The company’s decision was disclosed to St. Petersburg City Council members last Wednesday in a memo from James Corbett, the city’s development administrator, according to a reports from the Tampa Bay Times and Florida’s Business Observer.

In the memo Corbett writes that following its $2.4 billion acquisition by Dick’s Sporting Goods, “the company reevaluated its corporate strategy and decided not to move forward with relocating its global headquarters to St. Petersburg.”

Corbett added that Foot Locker will no longer receive up to $475,000 in municipal financial incentives. He wrote, “As a result of this decision, Foot Locker will not be fulfilling the conditions required under the city’s approved incentive package. Therefore, no financial incentives or tax exemptions will be provided to Foot Locker, Inc. by the City of St. Petersburg.”

He elaborated, “There is no fiscal impact to the city,” Corbett said of the failed deal. “The previously allocated incentive funds within the Economic and Workforce Development Division will remain unexpended and available for future qualified projects.”

Foot Locker was due to receive a $235,000 base incentive and up to $240,000 for meeting conditions related to job creation, wage levels, capital investment into the headquarters and supplier diversity.

Foot Locker’s plans to relocate its headquarters from New York City to St. Petersburg were first announced in August 2024. In March of this year, Foot Locker announced it secured 110,998 square feet of Class A office space at 570 Carillon Parkway. City officials expected the company to put $20 million toward building out its new headquarters.

Dick’s first announced plans to acquire Foot Locker on May 15.

As part of the sale, Dick’s did not retain Foot Locker CEO Mary Dillon, who championed the move to St. Petersburg, and named Dick’s Executive Chairman Ed Stack to head Foot Locker’s global operations.

Image courtesy Foot Locker