Topic

Climate change

Sub-topic

Energy

Sub-sub-topic

IRO

Opportunity

Location

Own operations

Time-frame

Medium-term

Title

Implementing Energy Efficiency Measures in Retail Stores to Reduce Costs.

Example

Wholesale and retail trade companies can capitalise on significant financial opportunities by enhancing energy efficiency within their operations. For example, fitting retail shops with energy-efficient lighting, HVAC systems, and refrigeration units. These upgrades not only reduce energy consumption but also lower utility costs substantially. A notable case is Walmart, which has committed to using 100% renewable energy by 2035 and has invested in energy-efficient technologies across its stores, resulting in millions of dollars in savings on energy costs.

Reference

Walmart Sustainability Report, 2023

Topic

Own workforce

Sub-topic

Working conditions

Sub-sub-topic

IRO

Impact - actual negative

Location

Own operations

Time-frame

Short-term

Title

Reducing injuries in retail through worker protection.

Example

Ensuring worker safety in retail operations is crucial; without it, employees are vulnerable to physical and mental damages. Walmart is enhancing its occupational health and safety measures to protect workers in its stores.

Reference

Walmart Sustainability Report, 2023

Topic

Workers in the value chain

Sub-topic

Working conditions

Sub-sub-topic

Adequate wages

IRO

Impact - potential negative

Location

Supply chain (upstream)

Time-frame

Medium-term

Title

Inadequate wages contribute to inequality.

Example

Unfair wages in the supply chain can result in poor living conditions, poverty, and a lack of human rights. Walmart is working with suppliers to improve wage standards in manufacturing countries.

Reference

Walmart Sustainability Report, 2023

Topic

Consumers and end-users

Sub-topic

Personal safety of consumers and/or end-users

Sub-sub-topic

Health and safety

IRO

Risk

Location

Downstream

Time-frame

Short-term

Title

Product safety risks in retail operations

Example

Retailers face risks associated with product safety, including recalls, liability claims, and consumer harm. Target Corporation implements stringent product testing protocols, quality assurance measures, and consumer safety guidelines to mitigate risks and ensure product safety across its stores.

Reference

Target Corporation Sustainability Report, 2023

Topic

Consumers and end-users

Sub-topic

Personal safety of consumers and/or end-users

Sub-sub-topic

Health and safety

IRO

Opportunity

Location

Downstream

Time-frame

Medium-term

Title

Enhancing customer health and safety through hygiene practices

Example

During the COVID-19 pandemic, grocery retailers like Kroger implemented enhanced hygiene protocols, including sanitisation stations, social distancing measures, and contactless delivery options to protect customer health and safety. These initiatives contribute to customer satisfaction, trust, and long-term loyalty.

Reference

Kroger Corporate Responsibility Report, 2023

Topic

Business conduct

Sub-topic

Corporate culture

Sub-sub-topic

IRO

Opportunity

Location

Own operations, supply chain (upstream, downstream)

Time-frame

Long-term

Title

Enhancing governance practices to strengthen stakeholder trust and financial status

Example

Companies in the wholesale and retail trade industry can improve their financial stability and attract investment by enhancing their governance practices. By implementing robust governance frameworks that prioritise transparency, accountability, and ethical conduct, companies can build stronger relationships with stakeholders, including customers, suppliers, and investors. For instance, Costco has focused on strong corporate governance by maintaining a diverse board, rigorous compliance programs, and transparent reporting. These practices have not only bolstered investor confidence but have also led to better risk management and long-term financial performance.

Reference

Coolset, 2024