Report on Social Responsibility and Sustainability in Retail

An online meet called "Retail Leaders in Sustainability" was recently organized to discuss a new report on the sustainability of the retail industry. Retailers are increasingly looking at sustainability as an opportunity to deliver superior value to the consumers and achieve a better image in the market as a responsible business.

The report on sustainability in retail was compiled on the basis of sustainability data from 30 retail members of the Retail Industry Leaders Association, which included IKEA, Sears, Best Buy, The Home Depot, Walmart, Target and Gap Inc. One of the key findings of the report is that retailers across the spectrum are looking at ways to attain sustainability.

Retailers find it challenging to attain social and environmental goals with in-house expertise, leading them to seek external consultancy and support. Stakeholders are increasingly concerned about making the retail organizations more sustainable. Unlike the past when sustainability was viewed as a way to reduce costs, now it is seen more as an opportunity for business growth. It is an effective way to differentiate the retailer in a highly competitive environment.

A number of large retailers are developing long term programs in sustainability with multi-tier goals. The goals include development of sustainable infrastructure and information technology systems to enable constant improvement. Tools to help in these efforts include environmental management systems, employee engagement and training, energy and waste management, supplier scorecarding and sustainability reporting.

The report shows a range of opportunities exist for retailers who pursue sustainability goals. Reduction of waste in fuel, energy, material and packaging translates into direct monetary savings for a retailer. Reduced dependence on non-renewable resources such as exhaustible fuel and materials minimizes exposure to market fluctuations and price volatility. One of the inherent advantages of pursuing sustainability goals is that it fosters an internal environment of innovation and cost reduction. Brand value and image enhancement benefits with sustainability efforts help create a distinct competitive advantage for the retailers.

Source: TriplePundit.com

Photo Credit: iprole