European Retailers to “Lose Market Share” if They Fail to Address Sustainability
Only 28% of international retailers in Europe claim to have a policy on Corporate Social Responsibility, despite the fact that 38% of those interviewed in a survey believe that consumers will increasingly differentiate between those retailers with a CSR policy and those without.
US retailers with European operations are most likely to have a CSR policy (44%) and Southern European retailers least likely (12%), with social inclusion followed by ethical trading being the most common features to be included in such a policy.
The results appear in the 2007 Sustainability Retailers’ Survey, commissioned by Real Estate Publishers (REP) in association with the International Council of Shopping Centres (ICSC), and produced by global real estate consultant, Cushman & Wakefield.
Dr Yvonne Court, Head of European Retail Research & Consultancy at Cushman & Wakefield, and the survey’s author, says “There is clearly an awareness among retailers of the importance of sustainability and its likely effect on the retail sector, but this is not necessarily being matched by action. Sustainability is a global issue, and retailers and players in the retail property sector stand to lose market share if they fail to address issues such as ethical shopping, levels of energy and water consumption, and waste disposal.”
Ermine Amies, Managing Director of ICSC Europe, adds: “The retail sector is a key employer of people and user of utilities.
In such a competitive business, market share gained from responding to consumer awareness and savings made from a more efficient use of utilities will make a real difference to the bottom line. Sustainability will become a key differentiator.”