Genesco to Move Headquarters and Invest More Than $30 Million in Tennessee

Genesco Inc. is relocating its headquarters — but it’s not leaving its home turf of Nashville.

The firm announced yesterday that its corporate offices, which have been located at 1415 Murfreesboro Road since 1965, will move to 535 Marriott Drive in “a little more than a year from now.” Genesco’s new digs will occupy roughly two-thirds of the facility’s 310,000 square feet of space.

“It is an exciting time for Genesco, and our new facility will be a great place to work,” President and CEO Mimi Vaughn said in a statement.  “Our new space will allow our shared services and operating divisions, including Journeys, Johnston & Murphy, and Genesco’s licensed brands — Levi’s Footwear, Dockers Footwear and Bass Footwear — to better serve our employees, vendors and customers and facilitate our next wave of growth.”

In addition to opening at the new location, the company announced that it would create new jobs and invest more than $30 million in Davidson County, where Nashville is the county seat, over the next five years.

“For the past 95 years, Genesco has been a proud partner of the Middle Tennessee community,” Vaughn added. “We look forward to investing in our tremendously talented and dedicated employees, and the community, as we begin our next chapter of growth as a leading footwear-focused company.”

Genesco has seen a few major changes to its business in the past year. Early this month, Vaughn, who previously served as SVP and COO, took on the top post at the specialty retail group, becoming its first woman in power. And in December, the company announced the $33.7 million acquisition of New York-based Togast LLC, which specializes in the design, sourcing and sale of licensed footwear.

In its third-quarter financial report released Dec. 6, Genesco posted profits, on an adjusted basis, of $1.33 per share, trouncing analysts bets of $1.08 and the previous year’s 97 cents. Although revenues dropped to $537.3 million from $539.8 million (analysts had predicted $540.6 million), same-store sales were up 3%, marking the company’s 10th consecutive quarter of positive comps for its footwear businesses, driven by the strength of Journeys and Schuh’s improved performance.

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