Not only are people flocking to the Dallas Fort Worth area, but major Fortune 500 companies are as well. According to DMagazine.com, Core-Mark will be the areas of 23rd Fortune 500 company to relocate to the Dallas-Fort Worth area.
Originally a San Francisco-based company, Core-Mark Holding Company Inc. announced it would move its corporate headquarters to the Westlake area over the summer. The incentive comes with lower operating costs and lower taxes because the cost of operating a business out of the San Francisco Bay or area is one of the highest in the country even though San Francisco has been there headquarters for a long time. However, since the business has expanded over the years, the need for more buildings and higher revenue leads them to this new decision.
The Dallas area also has a lower cost of living, which is an incentive for most employees. It gives the company a better position as a nationwide business to serve customers from a central location. Although the decision has already been made, the relocation will happen first of next year and will bring an estimated 8400 employees to the Dallas-Fort Worth area.
Core-Mark is the second largest distributor in the convenience store industry. 7-Eleven is just one of its major clients. With an annual revenue of over $12 billion, they have currently ranked 247th on the 2018 Fortune 500 list.
Core-Mark will initially occupy a portion of building 3 and building 6 at the Terrace at Solana, which is currently in lease negotiations. And, while this is all through real estate sources in our area, there may not be any guarantees of this move, but sources confirm that this is in the works.
So what will this do for our area? 8400 employees is a lot of new people to bring into the area, regardless of whether they are relocating or just providing jobs for current residents. In any case, this will be a boost for our economy and another mark on the list as to why the Dallas-Fort Worth area is becoming one of the hubs of the US for housing and employment.