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No matter how you try to slice and dice it, overall the net effect of this move is NOT a positive for Greensboro. VF moved its HQ from another location to Greensboro two decades ago, and now they are moving the HQ again to a bigger more prosperous city. Obviously the search for a new city was propelled by the need for things that Greensboro couldn't currently offer.
In this case, what Greensboro couldn't offer is the geography of Colorado that makes it such a magnet for outdoor recreational enthusiasts; it's no coincidence that so many outdoor recreational clothing brands (REI, Patagonia, Columbia, etc.) are headquartered in Western states. If this were only a matter of skill/talent, VF would have just relocated a much shorter distance to the Triangle, Charlotte, Atlanta, NoVa, etc.--and let's not forget how happy Southern states in particular can get with incentives packages. And with the reorganization, jobs will be shifted from Kansas City--a metro larger than the entire Triad with more to offer--to Greensboro, which won't affect current overall employment levels too much, if at all.
The presence of corporate headquarters is a plus for sure, but in this day and age they don't carry the weight they used to. Corporations merge, split, and relocate for all sorts of reasons these days (including when the incentives run out) and many times it's just a nominal thing. What matters much more is the strength and health of the overall workforce. Charlotte actually provides a good example here; only a decade ago, the city was home to several bank headquarters but today it's only down to one: BOA. Yet the banking workforce is as skilled and robust as ever and several banks still have significant operations in Charlotte. There's no doubt that the city is better off today than it was 10 years ago.
We've talked extensively about the Triad's need to attract and retain skilled, educated workers to become more competitive and specifically about Greensboro's strengths and weaknesses in this regard. However, I don't see how this move by VF is all that relevant to that particular discussion when taking the broader view.
Definitely not a big loss. But it is true that cities shouldn't pretend like companies will remain in their cities forever. Look at Wells Fargo which use to be based in Charlotte and there is no guarantee Bank of America will remain there forever. If BofA moves, New York will be the target city. Same thing with BB&T in Winston-Salem. Sooner or later it too will be acquired by a larger bank and relocate. I think having a large high paying workforce is more important to a city's economy than a few corporate headquarters. Having a corporate headquarters is like window dressing.
Something tells me that if Greensboro had GAINED a fortune 500, then these responses wouldn't be so nonchalant. There would be dozens of posts on how the city is booming like the two other big NC towns that often get mentioned on Greensboro threads.
Something tells me that if Greensboro had GAINED a fortune 500, then these responses wouldn't be so nonchalant. There would be dozens of posts on how the city is booming like the two other big NC towns that often get mentioned on Greensboro threads.
Of course it would be great news if we landed two Fortune 500 companies. But VF's plans are not bad news. With Lee moving to Greensboro, we will actually be gaining more jobs than losing and the new company based in Greensboro won't be small. People also forget that with VF Corp breaking up into two separate companies, it won't be as large in Denver as it is in Greensboro today.
Definitely not a big loss. But it is true that cities shouldn't pretend like companies will remain in their cities forever. Look at Wells Fargo which use to be based in Charlotte and there is no guarantee Bank of America will remain there forever. If BofA moves, New York will be the target city. Same thing with BB&T in Winston-Salem. Sooner or later it too will be acquired by a larger bank and relocate. I think having a large high paying workforce is more important to a city's economy than a few corporate headquarters. Having a corporate headquarters is like window dressing.
When it was being rumored that Krispy Kreme might move headquarters to Charlotte you called it a gut punch for Winston. Now you say it’s inevitable that BB&T will be bought and relocate. I personally agree that the VF announcement will have little practical effect on Greensboro but you are a real hypocrite in how you complain about what people say about GSO when you frame things completely differently when they are about WS.
So they go to a place with a history of school shootings and movie theater shootings? Come on now. I like Denver, but there is crime everywhere. Stop trying to make Greensboro look worse than it is.
So they go to a place with a history of school shootings and movie theater shootings? Come on now. I like Denver, but there is crime everywhere. Stop trying to make Greensboro look worse than it is.
Now now, you shouldn't be putting logic out there....doesn't feed the agenda of localized sensationalism.
When it was being rumored that Krispy Kreme might move headquarters to Charlotte you called it a gut punch for Winston. Now you say it’s inevitable that BB&T will be bought and relocate. I personally agree that the VF announcement will have little practical effect on Greensboro but you are a real hypocrite in how you complain about what people say about GSO when you frame things completely differently when they are about WS.
The difference is Krispy Kreme would have pulled out entirely. That's not the case with VF Corp. Winston-Salem would have lost not only a corporate headquarters but jobs as well. You are comparing apples to oranges.
According to Brent Christensen the CEO of the Greensboro Partnership, Greensboro will be gaining a new fortune 500 company with the addition of NEWCO. I highly doubt it will be a fortune 250 company like VF Corportation is but it may crack the top 500 hopefully. Greensboro will be losing 85 VF executive positions but will gain 85 Lee executive positions when they relocate to Greensboro. I am sure VF executive salaries are overall higher than Lee's but I don't think it will be a huge difference. I believe all in all this has worked out the best it could have for Greensboro with the departure of the VF HQ. Greensboro will still have a a significant HQ with NEWCO.
Also NEWCO will be looking at several sites throughout Greensboro for its new headquarters and Revolution Mill is rumored to be a possible location for this new HQ. If so this will be a transformative addition to the Revolution Mill complex. If they don't chose Revolution Mill maybe this is Roy Carroll's opportunity to lure a major HQ to his development in downtown Greensboro.
That doesn't match what VF is saying, though. According to their NEWCO profile, they expect somewhere in excess of $2.5bn in revenue. That would put them somewhere in the low 800s on the Fortune list. Fortune 500 Companies 2018: Who Made the List
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