Foot Locker announced it will relocate its corporate headquarters from New York City to St. Petersburg, Florida, citing New York’s high taxes and operational costs.

“To better support our strategic progress, increase team member collaboration, and maintain ongoing expense discipline, we made the decision to relocate our headquarters to St. Petersburg,” said CEO Mary Dillon.

Dillon stated that the move is intended to support strategic progress, enhance team collaboration, and maintain expense discipline.

This decision follows a trend of companies leaving New York due to its challenging business environment, marking a significant win for Florida and a setback for New York’s economy.