In response to growing consumer demand for sustainable solutions and efforts, the National Retail Federation (NRF) has introduced a new hub for sustainability, the NRF Center for Retail Sustainability.
The new center will serve as a focal point for a sector-wide initiative, endorsing retailers’ pledges to yield net positive impacts in environmental, social, and community aspects, along with economic gains.
It will showcase the sustainability endeavors within the industry and offer essential tools and resources to NRF members. The new center also aims to streamline collaboration throughout retail supply chains with the ultimate aim of facilitating the availability of sustainable products that are both high-quality and economically accessible to consumers.
The new sustainability center will initially focus on three key areas of retail sustainability, including:
Advancing the circular economy: The center hopes to help retailers reduce waste and enhance recycling, promoting the use of recycled and regenerative materials in the collection, refurbishment, and resale of products. In line with the Ellen MacArthur Foundation’s definition, this approach strives for a waste-free cycle mirroring natural processes.
Enhancing supply chain sustainability: At the same time, the center seeks to improve supply chain transparency by defining retailer and consumer needs, evaluating existing tools, delineating focus areas, and fostering standardization in data collection and sharing. Recognizing that over 90 percent of a retailer’s sustainability impact lies within its supply chain, this effort aims to offer and incentivize more sustainable choices.
Utilizing consumer insights for sustainability: This aspect of the center involves deepening retailers current understanding of consumer perspectives on sustainability, recognizing the variability in how different consumers and product categories prioritize sustainability, and helping retailers align more closely with their customers’ sustainability values.
The NRF new Center for Retail Sustainability is set to launch its inaugural event at NRF 2024: Retail’s Big Show in New York City next month. Taking place on January 16, the event will include an exclusive workshop sponsored by Deloitte that will be dedicated to strategizing the future of circular retail.
One of the industry’s leading retail trade associations, the NRF represents a wide spectrum of retailers, from globally recognized brands to small, independent businesses, which together form the backbone of the US economy, contributing 3.9 trillion USD annually to the GDP.
