The National Retail Federation (NRF) is introducing a cutting-edge hub designed to bolster and advance sustainability initiatives within the retail sector. This newly announced hub will serve as a pivotal support system, fostering the growth and implementation of sustainable practices across the industry.
The NRF Center for Retail Sustainability is dedicated to the pursuit of “generating economic value while concurrently producing net positive environmental, social, and community benefits.” In its initial phase, the center will concentrate on several key areas, such as harnessing consumer insights related to sustainable products and practices. Additionally, it will play a vital role in promoting the circular economy, with support from Deloitte, and enhancing supply chain traceability within the retail sector. This strategic focus underscores the center’s commitment to fostering sustainable practices that contribute positively to various aspects of the industry.
NRF Vice President for Sustainability and Corporate Social Responsibility The Center for Retail Sustainability’s executive director will be Scot Case. Senior sustainability executives will form an external advisory board to oversee it as well.
“The NRF Center for Retail Sustainability will augment industry sustainability efforts and resources across the retail sector, centralizing engagement across the full retail value chain,” –Matthew Shay(president and CEO NRF)
He further added : “Its work will highlight the many ways retailers are making their own operations more sustainable and making it easier for consumers to find high-quality, affordable and more sustainable products.”
As an integral component of the forthcoming NRF 2024: Retail’s Big Show in New York City, the NRF is set to organize a specialized Sustainable Retail Workshop scheduled for January 16.
“We are excited to work with NRF to scale successful sustainability solutions across the retail sector,” said James Cascone, sustainability, climate and equity leader, and advisory partner, Deloitte & Touche LLP. “With deep experience in the retail sector, retail supply chains and sustainability, Deloitte can help drive positive outcomes in supporting our industry move forward, including the Center’s development of an initial circularity roadmap for the retail industry.”
The announcement coincides with NRF’s forecast, anticipating a 3% to 4% surge in holiday retail sales from November 1 through December 31 this year compared to 2022. This projected increase is expected to reach a historic total ranging from $957.3 billion to $966.6 billion.
In conclusion, the NRF’s initiatives and commitments in sustainability can contribute positively to the global landscape by influencing industry practices, promoting responsible consumer behavior, and demonstrating that economic growth and sustainability can go hand in hand.
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