"On Aug. 20, Bed Bath & Beyond announced that its planned return to brick-and-mortar retail will bypass California. Executive Chairman Marcus Lemonis said the state's heavy regulations and high costs make it too risky for business, criticizing California for imposing steep taxes, fees, wages and regulations that he says stifle growth. The retailer, which shuttered all stores after filing for bankruptcy in 2023, has since rebranded as Bed Bath & Beyond Home"
"A report by the Public Policy Institute of California says relocation choices often hinge not only on a region's size and proximity but also on business costs tied to taxes and regulations. Companies also weigh the availability of skilled workers and hiring expenses shaped by housing costs and income tax rates. According to the report, 789 companies moved their headquarters out of California from 2011 to 2021, with departures accelerating after 2017."
"Realtor.com announced a shift of its headquarters from California to Texas in February. The real estate listings site, run by News Corp.'s Move Inc., is relocating from Santa Clara to Austin, where it has leased space since 2019. Many companies from California including tech, home improvement, real estate, fashion and food have decided to relocate their headquarters to more affordable places."
Bed Bath & Beyond said its planned return to brick-and-mortar retail will bypass California, citing heavy regulations and high costs as too risky for business. Executive Chairman Marcus Lemonis criticized steep taxes, fees, wages and regulations that he says stifle growth. The retailer rebranded as Bed Bath & Beyond Home, opened a store in Tennessee and plans about 80 more nationwide next year. Realtor.com moved its headquarters from Santa Clara to Austin. Many firms across tech, home improvement, real estate, fashion and food have relocated for affordability. A Public Policy Institute of California report found 789 headquarters left from 2011 to 2021 and inbound relocations declined.
Read at www.mercurynews.com
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