International law firm Bird & Bird today launches a sustainability survey report focusing on the impact of sustainability on business priorities, innovation and leadership on retail and consumer businesses. The report aims to provide insights and recommendations to help move these businesses forward. Click here to download the report.
Sustainability is now core to the business strategy of industry leaders. More and more areas of businesses are getting involved to shape sustainability strategies and execute them to achieve measurable goals. In March 2021, Bird & Bird asked 110 clients in luxury, fashion & retail, food & beverage, and hotels, hospitality & leisure across a number of international markets to provide their perspective on a range of sustainability-related topics, including the extent to which they are involved in helping shape and execute their organisation’s sustainability strategies and tactics.
Here are some of the key findings of the report:
- Retail and consumer companies whose sustainability strategy is further advanced than their competitors are 2.4 times more likely to see sustainability as being a significant driver of innovation.
- They are also three times more likely to see collaboration as extremely important.
- One third of respondents said sustainability increased in importance in the last year
- Nearly 80% of all respondents reported that “finding innovative ways to collaborate externally (competitors and partners) is important or extremely important to achieving their sustainability strategies.
- Strong cross-functional alignment within the company is among the top three drivers for those businesses who have made the most progress towards their sustainability goals.
- The personal ambitions of employees are more advanced than their companies with most respondents (60%) interested in being more involved in sustainability efforts in their companies.
Graeme Payne, head of the international Retail & Consumer sector group comments on the survey report: “With Bird & Bird’s focus on disruption and innovation, we were keen to understand how our clients are addressing one of the most important issues to date: sustainability. One key finding from the survey that struck us was that more than a third of respondents said sustainability increased in importance in the last year, an outcome that was already underway but accelerated by the pandemic.
The results from this survey proves that sustainability is high on the agenda of businesses within the retail and consumer industry, so it’s important that companies looking to work with, advise or partner with these businesses prioritise this area now and in the future. We hope that this survey provides you with insights and recommendations to move your business forward, and we look forward to supporting those who share our vision of sustainability as an essential driver of the business of the future.”