ESG Importance In Retail Grows

Retail executives believe that ESG (environmental, social, and corporate governance) factors will matter more than ever in 2022, says Deloitte’s ‘2022 Canadian Retail Outlook.’ Most (80 per cent) believe governments and regulators will increase ESG-related mandates and 63 per cent feel employees are more likely to prefer working at retailers with clear ESG goals and initiatives. Sixty per cent of retail executives think a company's ESG record will influence investors, but just 43 per cent believe ESG commitments will improve customer loyalty. This suggests retailers need to communicate their ESG progress more effectively and authentically as an annual sustainability report can't do it alone. Neither can a single individual or team. Deloitte says ESG must go beyond the mandate of one department to become an integral part of a company's culture and everyday operations.