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cityboi

Sears considering relocating headquarters to North Carolina

23 posts in this topic

This would be a nice prize for the city that land the Sears corporate headquarters. So if Sears picks NC, the guessing game is which city? Charlotte, Raleigh or a Triad city? Most would assume Charlotte because its the larger city and has a large corporate base and it probably is the more likely candidate. Sears would likely want to be located in a city thats a little more well known and its executives are use to the big city life. A Sears tower maybe rising somewhere near you :)

There is a problem though. The states vying would have to offer incentives. Now that North Carolina's congress is controlled by republicans, its unclear whether or not we would offer incentives since republicans are historically against incentives. To make matters worse the GOP is cutting spending so they might not have the appetite to offer millions of dollars to a major corporation.

Its nice to dream though. If Charlotte landed Sears its possible Charlotte may get a new tallest building. I doubt it would be as tall as the Sears Tower in Chicago. I'm a little bias but it would be nice to see Greensboro land Sears even though it may be a long shot. I would like to see the Triad land a major headquarters like that for a change. Greensboro already has a major Sears distribution center, K Mart distribution center and Sears call center. (K Mart is owned by the parent company Sears Holding) Close proximity to these major operations in North Carolina could be a factor the state is on the short list. There are sites near Piedmont Triad Intl Airport large enough for a Sears corporate campus.

But do note its not a done deal Sears will be leaving Illinois. Right now they are researching the idea and the y have been in discussion with officials in North Carolina. We are talking about 6,200 new jobs corporate jobs! So this would be a HUGE deal for the state.

current Sears Headquarters outside of Chicago in Hoffman Estates.

sears1.gif

http://www.news-record.com/content/2011/05/11/article/sears_considering_relocating_headquarters_to_north_carolina

Edited by cityboi

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this would indeed be a major win for the state. I can only imagine Charlotte being the winner. Like you said these people are used to city life. Chrlotte can offer Pro sports, arts and museums, great restaurants and more of a city vibe, though nothing like Chicago. Personally I doubt they move but stranger things have happened. I remember Charlotte being considered 20 years ago.

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Sears is only trying to milk more incentives out of Illinois, which is why they're making a big fuss out of it. But if Sears is serious about relocating, Charlotte is most likely the only city in NC on its radar, and even Charlotte comes up a little short when compared to the other metros Sears is considering in other states (TX, GA, NJ, etc.). And if they do relocate, forget a highrise; you'll be seeing another suburban sprawling campus.

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To be honest..Sears is really a spent force in the retail world. Ever since the acquisition of Kmart (which in itself is in serious trouble), Sears as been declining.

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To make matters worse the GOP is cutting spending so they might not have the appetite to offer millions of dollars to a major corporation.

I'd say that NOT giving millions to a major corporation (controlled by a hedge fund billionaire) would make matters BETTER.

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Sears is only trying to milk more incentives out of Illinois, which is why they're making a big fuss out of it. But if Sears is serious about relocating, Charlotte is most likely the only city in NC on its radar, and even Charlotte comes up a little short when compared to the other metros Sears is considering in other states (TX, GA, NJ, etc.). And if they do relocate, forget a highrise; you'll be seeing another suburban sprawling campus.

I agree that Sears is really just trying to milk incentives out of Illinois more than anything. Same for Catepillar, who's even going as far as pushing for US tax reform. But, I wouldn't discount NC too much. Especially if the state reduces its corporate tax rate to be more competitive with SC and GA. Though the one state that probably has the biggest advantage over every other state in the country is Texas. They are much more business friendly than anyone out there now. A big reason why companies in California are moving jobs there in droves.

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I agree that Sears is really just trying to milk incentives out of Illinois more than anything. Same for Catepillar, who's even going as far as pushing for US tax reform. But, I wouldn't discount NC too much. Especially if the state reduces its corporate tax rate to be more competitive with SC and GA.

I don't think that really counts for much with a corporation as large as Sears since incentives with any state will more than likely ensure that it doesn't have to pay much, if anything, in corporate taxes anyway. And the only place in SC that has the human capital and infrastructure to support such a huge white-collar corporate presence is the Charlotte suburbs (Lancaster, York counties), so the Charlotte metro still has an advantage in terms of SC's tax rates.

Though the one state that probably has the biggest advantage over every other state in the country is Texas. They are much more business friendly than anyone out there now. A big reason why companies in California are moving jobs there in droves.

True, but I still think they're staying put. I'll be surprised if they actually do move anywhere.

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I think everyone has pretty much said what I was thinking so I won't rehash a lot. I would be surprised though if Sears anywhere unless they were trying to completely reboot their business model and it was a matter of corporate guru /consultant pushing for a break from the past type stuff.

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Another article from Charlotte Biz Journals that makes reference to the Carolinas being in play for the "possible" Sears relocation. It seems they are looking for substantially less space (1 million sqft) for the relocation. Sounds like they will consider doing some consolidation or only move some of their HQ functions perhaps. As before Georgia, Ohio, New Jersey, Texas and Washington, D.C. also mentioned as possibilities.

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Hmmm...if they aren't looking to relocate all 6,000 positions, then I think they may be considering more areas than I initially mentioned. If they are looking at moving, say, up to 2,000 jobs, then that probably puts all of the larger metros in the Carolinas in play.

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Sears on the Wallstreet24/7 list of brands that will disappear in 2012. They may have seen their better days. They could reinvent themselves as Kmart which I think is doing better in this economy.

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Maybe it was because Gov. Bev Perdue blew the lid too soon haha. But yes this is unfortunate. Clearly the company was destined for Charlotte or the Triangle because a spokeswoman for Perdue said the company was not immediately looking at the Triad.

I'm sure Charlotte was foaming at the mouth for a Sears tower downtown.

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Charlotte official were clearly trying to lure Sears but a vocal minority there was lobbying to keep the retailer out. the Charlotte Citizens Coalition, sponsored an advertisement in the Charlotte Observer aimed at rallying residents to call a halt to Sears and other out-of-state companies moving to the area.

"The issue, according to Jack Gilbert, the group's treasurer, is concern over the pressure placed on city road services as a result of the continued increases in population from businesses relocating to Charlotte.

``People of Charlotte are not just concerned, they are mad as hell about the traffic congestion that exists, and they understand additional growth is not tolerable."

http://articles.chicagotribune.com/1989-06-13/business/8902090007_1_sears-issue-merchandise-group-ad

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never mind about that article..looks like its old.

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I think it's funny that Charlotte was trying to lure Sears when there aren't any more Sears stores located inside Charlotte city limits.

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I'm sure Charlotte was foaming at the mouth for a Sears tower downtown.

I seriously doubt that. The tower was essentially built as a spec tower that never reached capacity while Sears owned it, which it hasn't for well over 15 years now. If Charlotte officials were trying to lure it, they know that it would most likely have been looking at a suburban location like Ballantyne.

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The Sears obituary is continuing to trickle out of the business press:

Holiday Sales Woes Cast Cloud Over Sears

Sales at stores open at least 12 months have slid every year since the company was created by the well-known hedge-fund investor in 2005. But its deteriorating condition has accelerated this year—it posted a $421 million loss last quarter—and it said Tuesday that same-store sales for the eight weeks ending Christmas Day dropped 5.2% compared to the year before......

http://online.wsj.co...sNewsCollection

EDIT: Sorry, I missed the above post before I typed.

Edited by kermit

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