Off-price clothing retailer Burlington Stores Inc. said Sept. 3 that it was shifting its headquarters to Philadelphia from Burlington, a blow to the New Jersey economy that has seen an exodus of corporations drawn by more favorable cost structure and pro-business culture in other states.

Gov. Josh Shapiro, Philadelphia Mayor Cherelle L. Parker, and Pennsylvania Department of Community and Economic Development (DCED) Secretary Rick Siger announced that the Commonwealth of Pennsylvania has secured a $370 million investment from Burlington Stores Inc. to relocate its corporate headquarters to West Philadelphia.

The commonwealth is investing $30 million in the project, which will create at least 2,000 jobs over the next five years.

The defection of Burlington Stores follows on the announced departure of Samsung Electronics, which said in June That it was moving its American headquarters to Plano, Texas from Englewood Cliffs, a move that affects 1,000 employees.

Earlier this year, energy giant ExxonMobil, which first operated in New Jersey as Standard Oil Company of New Jersey in 1882, announced that it officially left New Jersey as its legal domicile on July 1, after shareholders approved the move to Texas, citing a more pro-business culture in the Lone Star State.

Under Shapiro, Pennsylvania has embarked on an aggressive plan to attract businesses. Pennsylvania has reduced its corporate tax rate to 7.49% from 8.99% in 2023 and intends to drop the rate to 4.99% by 2031. New Jersey has the nation’s highest corporate tax rate at 11.5%.

Burlington Stores Inc., which opened its first store in Burlington in 1972, is one of the fastest growing retailers in America. The company operates 1,300 stores in 47 states, including more than 43 in the Philadelphia market as of Aug. 1, 2026.

The company on Aug. 27 reported climbed to $184 million, or $2.88 per share, from $94 million, or $1.47, for the second quarter of fiscal 2025. Second-quarter sales rose 11% to o $2.99 billion, while comparable store sales increased 2% compared with the second quarter of fiscal 2025.

“We are very excited to be relocating our corporate headquarters to Philadelphia,” said Michael O’Sullivan, CEO of Burlington Stores. “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.

“Add to that, we found the vision and priorities articulated by the mayor and the governor extremely compelling — fiscal health, education and training, and economic opportunity for all. We look forward to supporting and being part of that vision.”

Christina M. Renna, president and CEO of the Chamber of Commerce Southern New Jersey, was troubled that the South Jersey business icon had decamped across the river to Pennsylvania.

“Burlington Stores’ decision to relocate its corporate headquarters from its longtime home of Burlington County to Philadelphia is deeply disappointing for the South Jersey business community and should serve as a wake-up call for policymakers in Trenton,” Renna said.

“New Jersey does not compete for jobs and investment in a vacuum. Our neighboring states are aggressively pursuing businesses with competitive tax structures, economic incentives and policies designed to attract investment and encourage growth. Pennsylvania’s willingness to make a significant investment to attract Burlington demonstrates just how intense that competition has become.

“For years, the Chamber of Commerce Southern New Jersey (CCSNJ) has warned about the cumulative impact that New Jersey’s high taxes, increasing employer costs and regulatory burdens can have on the state’s competitiveness. When a company founded in South Jersey can move just a few miles across the Delaware River and find a more attractive environment for its future headquarters and growth, we need to pay attention.”