Burlington Stores Inc., an off-price retailer, recently announced it will invest $370 million to relocate its corporate headquarters from Burlington, N.J., to West Philadelphia’s Schuylkill Yards development.
“We are very excited to be relocating our corporate headquarters to Philadelphia,” Michael O’Sullivan, Burlington Stores CEO, said. “We are one of the fastest growing retailers in America, and as we evaluated different options for our new corporate home, we were strongly attracted to the energy, talent, and infrastructure that Philadelphia has to offer.”
The Pennsylvania Department of Community and Economic Development submitted a funding proposal for a $20 million Redevelopment Assistance Capital Program grant and a $10 million Pennsylvania First grant. The city is providing the company with incentives including a $7 million forgivable loan and a Job Creation Tax Credit award.
“This move will bring up to 2,000 quality jobs to Philadelphia, and another Fortune 500 company is going to call Philadelphia home,” Philadelphia Mayor Cherelle Parker. Said. “These employees will become part of the daily life of our central core and University City, working, shopping, dining and supporting businesses throughout Philadelphia,”
Burlington Stores operates 1,300 stores in 47 states, including more than 43 in the Philadelphia area, and employs more than 800 people at its headquarters.