Local 24 News political analyst and commentator Otis Sanford shares his point of view on FedEx Logistics moving to downtown Memphis.
Another major economic win for downtown Memphis is coming next year courtesy of the city’s largest private employer, FedEx. With every top local and state elected official on hand, the company announced Tuesday that FedEx Logistics will move its headquarters from East Memphis into the Gibson Guitar Factory next to FedEx Forum.
What’s more, the owners of the Gibson property announced plans for an eight-story office and hotel tower just south of the Gibson building.
The FedEx Logistics move will bring some 680 new well-paid employees downtown, including the transfer of 350 workers from out of state. Once the $250 million office and hotel tower is finished, and assuming the nearby Union Row development comes to fruition, downtown will be bustling with commerce perhaps like never before.
It’s no wonder the Governor, the city and county mayors, and Greater Memphis Chamber officials were beaming with delight. Tuesday’s announcements took much of the sting away from the recent news that Electrolux is moving its oven manufacturing operation from Memphis to Middle Tennessee next year.
FedEx and all of its subsidiary companies are thoroughly linked with the Bluff City. Having a FedEx presence downtown, along with AutoZone and Service Master, gives every other downtown business, including shops and restaurants, a giant economic boost.
Electrolux may be leaving. But if everything else goes as planned, the Memphis economy will be much better off. And that’s my point of view.