Reporting Jim Melwert
By Jim Melwert
PHILADELPHIA (CBS) — Thanks to tax incentives, Philadelphia-based retailer Urban Outfitters is planning an expansion that could add a couple of thousand jobs at the Philadelphia navy yard complex.
Urban Outfitters’ founder, president, and CEO Richard Hayne says his company was courted by other states but “it was always number-one in our list to remain in Philadelphia.”
Hayne says Urban Outfitters will add a couple of thousand jobs at its navy yard headquarters in South Philadelphia, perhaps doubling the 2,000 people who already work there.
“They’re office jobs, a lot of creative jobs, design, merchandising, operations,” Hayne explains, adding that the company is getting Keystone Opportunity Zone benefits with reduced state and local taxes.
“We would not have been able to do this project and add those jobs if it weren’t for those incentives,” he said.
And while some claim the tax breaks are a corporate handout, Hayne says the city will benefit.
“Well, if we grow employment by a couple thousand, you’re going to be getting wage tax and they will be participating in the economy,” he said.