Foot Locker reverses plan to relocate headquarters to St. Petersburg after Dick’s acquisition

Foot Locker has officially canceled its planned relocation of its global headquarters to St. Petersburg, Florida. The decision came after the athletic retailer was acquired by Dick’s Sporting Goods for $2.4 billion, prompting a strategic overhaul. The company notified St. Petersburg city leaders that, following the acquisition, it will not move forward with the relocation.

This reversal nullifies the 110,998-square-foot office lease at 570 Carillon Parkway that Foot Locker signed earlier in 2025.  According to documents shared with the city, the nearly $500,000 in local incentives offered to Foot Locker remain unspent and could be reallocated to future projects.

Background

Foot Locker first announced the move as part of its “Lace Up Plan,” which aimed to improve cost structure, tighten operational discipline, and align its executive teams.  The shift to St. Pete was also reported to facilitate better collaboration among banners and reduce real estate costs.

Earlier in the year, the company’s president Frank Bracken expressed enthusiasm about the move, citing the Tampa Bay region’s growing economic momentum and Foot Locker’s existing footprint there.

Why it matters for the sporting goods industry

The reversal highlights how quickly acquisition dynamics can reshape corporate strategy. Under Dick’s ownership, Foot Locker’s priorities are being recalibrated—raising questions about the retailer’s future brand positioning and operational autonomy. For the broader retail sector, the move serves as a reminder of how M&A can upend even high-profile commitments. Meanwhile, St. Petersburg loses a potential corporate anchor, while Dick’s absorbs Foot Locker’s operations without the disruption or expense of relocation.

Foot Locker keeps “Lace Up Plan” but future unclear under Dick’s ownership

Foot Locker remains committed to its Lace Up Plan, but under new ownership, its priorities may shift. Some speculation suggests the retailer could retain a “meaningful presence” in St. Petersburg without making it its headquarters. Meanwhile, Dick’s has yet to publicly detail how it plans to reallocate Foot Locker’s operational footprint or whether it will revisit a new HQ location.

The bottom line

Foot Locker’s pulled-back HQ move underscores how corporate exits and acquisitions can dramatically reshape previously laid real estate strategies. For Dick’s and the broader sporting goods retail sector, the change raises fresh questions around integration, cost management, and where leadership will ultimately sit in the post-acquisition world.