Sustainability as an Advantage
In recent years, "sustainability" has emerged as one of the industry's most pervasive concepts. In many countries, the concept of sustainability has been adopted to create a brand that grows sustainably: a Sustainable Brand. When discussing sustainability, the environment is often the only dimension that might come to mind. However, the concept encompasses all aspects of concern, including social and economic ones. Therefore, a sustainable business doesn't consider only the environment; Profit, People, and Planet—the Triple Bottom Line—must all be considered.
SUSTAINABILITY AS AN ADVANTAGE
The United Nations' 2030 Agenda for Sustainable Development includes 17 Sustainable Development Goals (SDGs). These goals will lead to a prosperous economy and long-term sustainability by fostering a healthy community. As achieving the goals requires the contribution of everyone, the private sector and businesses are crucial in the process. When enterprises adopt the SDGs, it can help them better align their strategy with the needs of society and achieve long-term growth. To execute a sustainable business operation, most businesses, therefore, establish their Vision, Mission, and Commitment based on how these aspects will impact the particulars of various corporate service dimensions. One business that reaches individuals of all ages is the retail sector, particularly the shopping center industry.
SUSTAINABLE BRAND IN ACTION
Selfridges, a British luxury retailer, has pledged to develop strategies, objectives, and action plans that would be implemented and maintained. Per the Paris Treaty agreement, the retailer implemented projects such as Project Ocean—never sell or serve endangered fish in the store—and Project Earth—driving the transition to more sustainable materials to achieve Net Zero by 2040. On the continent, Galeries Lafayette, a French department store, has also adopted a sustainable development approach to becoming a global benchmark for ethical, responsible French-style retail. The department store launched the “Go for Good” project with a commitment to contribute to a more sustainable fashion. The project brings together 1,000 in-store and online organic brands in one location, resulting in over 80 tons of clothing made from organic cotton clothes being purchased.
PROFIT SHOULD NOT BE THE SOLE PRIORITY
Obviously, a business's viability depends on its ability to generate profits. However, according to the Harvard Business Review survey, corporate responsibility practices can increase the overall sales income by up to 20%. Moreover, Forbes research indicates that 88% of consumers will be more loyal to a company that promotes social or environmental causes. The sustainability strategy could enhance the business image and serve as a means of engaging customers, who are now more likely than ever to be aware of the environment.
When the concept of sustainable business is discussed in nearly every industry, companies of all types can align their missions, strategies, and management plans with sustainability. Ultimately, many firms will consider becoming more sustainable to attract consumers willing to purchase products and services that care for them, the world, and society.
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