Selfridges announces target of 45% circular transactions by 2030

YarnsandFibers News Bureau 2022-09-05 06:36:00 – None

Selfridges has committed to a target of 45% of its transactions coming from circular products and services by 2030 in its first annual "Project Earth" report. The objective is one of several aspirational goals outlined in the report as the upmarket department store works to fulfill its promise of a net zero future.

The foundation of the retailer's 'Resellfridges' program, which is a component of the Project Earth plan and was introduced in August 2020 with the goal of "changing the way we buy," is circular goods and services (such as repair, resale, and rental).

Selfridges has pledged to carry only items in its four locations "that fulfill high environmental and ethical requirements" in addition to its circularity promise.

The 2020 goals stated by Selfridges were supported by a pledge to attain net carbon emissions by 2050, but as a signatory to the Climate Pledge last year, the store pulled this pledge forward by 10 years to 2040.

Selfridges stated that in order to do this, it will go from a stage of "experimentation and discovery" into one of "embedding and accelerating" change by making new commitments in the areas of Materials, Models, and Mindsets.

Andrew Keith, managing director, said that they must commit to a fundamental transformation in the way they conduct business and leverage the Selfridges platform for change in order to create their store of the future. In order to achieve their vision of reinventing retail and building a more sustainable future, Project Earth and their targets underpin this.

Keith added that they understand that in order to expedite change, they must push themselves, and their aggressive circular and material objectives achieve exactly that. Although they’re devoted to solving problems through a persistently creative approach to retail innovation, they do not yet have all the answers. Although they have enormous goals, they are motivated by what lies ahead and how they will make them realities for their clients.

The announcement comes after the sale of Selfridges, formerly owned by the Weston family, to Central Group and Signa Holding was finalized last month. The Selfridges Group portfolio, which comprises 18 stores under four names; Selfridges in England, Brown Thomas and Arnotts in Ireland and De Bijenkorf in the Netherlands, will be integrated with Central and Signa's combined existing portfolio of 22 luxury department stores (including La Rinascente in Italy and KaDeWe in Germany) and 2 new stores to open soon in Dusseldorf and Vienna.

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