Retailing with purpose: How the pursuit of social responsibility can inspire and sustain retail growth and innovation

Abstract

This paper is based on a presentation given by the authors at the Sustainable Brands Conference in San Diego, 2012. It builds upon best-practice retailing examples spanning developed markets such as the UK and USA, as well as developing markets such as Brazil, Peru, Turkey, South Africa and China. The authors share their collective experience drawing from their current work and global studies. The paper showcases success stories of retail leadership guided by a conscientious commitment to purpose over profit. The authors present an inspiring range of examples and describe the different ways that ‘retailing with purpose’ can manifest itself and make a meaningful social difference. From retailers, retail developers, and retailing as a practice, the paper illustrates how concepts such as ‘place-making’, community and employee culture building and sustainable business practices are essential for the value of retail to evolve beyond price or promotion. Many of the examples in this paper have not only survived the recession, but actually thrived while competitors have competed on price, promotions and cutbacks. Moreover, they sustained growth, made innovative offerings, and grew customer base and loyalty. They are proof that a business strategy driven by purpose over profit can ultimately be the most effective and enduring form of innovation and success at retail.