NRF launches sustainability-centric hub to reshape retail's future

The new Center aims to be a hub for industry-wide efforts, supporting retailers in their journey to create net positive environmental, social, and community benefits, while still generating economic value. It will focus on showcasing industry sustainability efforts, providing tools and resources for NRF members, and facilitating engagement across retail value chains. This initiative will make it easier for consumers to access high-quality, affordable, and sustainable products.

Initially, the Center will concentrate on three core aspects of retail sustainability. First, it aims to facilitate the emergence of the circular economy, supporting retailer efforts to reduce waste, improve recycling, sell products made from innovative materials, and repurpose products. The circular economy approach is based on the principle of no waste, as championed by the Ellen MacArthur Foundation, as per NRF.

Secondly, the Center will focus on enhancing supply chains and traceability solutions. This includes clarifying retailer and consumer needs, identifying tools, mapping focus areas, and supporting standards for data collection and sharing. This is crucial as over 90% of a retailer's sustainability footprint lies within its supply chain.

Third, leveraging consumer insights is a key goal. The Center seeks to understand how consumers perceive sustainability, how these priorities vary across different product categories, and how retailers can align with their consumers' sustainability priorities.

The NRF Center for Retail Sustainability is set to host its inaugural event at NRF 2024: Retail’s Big Show in New York City. A highlight will be the January 16 invitation-only workshop, sponsored by Deloitte, focusing on the future of the circular retail economy. This workshop will build upon existing retail initiatives such as selling ‘gently worn’ products and using reusable or refillable packaging to minimise waste.

The discussions from the circularity workshop will extend into the 20th annual reverse logistics conference in Las Vegas, scheduled for early February. The NRF Center for Retail Sustainability plans to announce more events and projects soon, further cementing its role in guiding the retail sector towards a more sustainable future.

ALCHEMPro News Desk (DP)