Many retailers have been seriously disrupted in the last few years, due to the COVID-19 crisis, digital transformation, environmental, social and governance (ESG) factors, and climate change, to name just a few. Due to the lockdown restrictions, we saw a wave of consumers online, introducing many to a new, more convenient retail experience, and raising questions about consumer behaviour post-pandemic.
At present, there is a heightened focus on climate change from policy, investor and consumer perspectives, with many looking at businesses to play their part in reducing carbon emissions and protecting the environment, in turn, encouraging many to assess their own sustainability. Similarly, investors are looking at a range of social and governance criteria to mitigate investment risks.
Although a relatively new concept, there is already a positive correlation between the adoption of ESG criteria and commercial success. Thus, many businesses are conducting due diligence of their own houses and wider supply chains to ensure they are ticking all the right boxes for their stakeholders.
With such substantial change comes new rules and regulations for the industry to abide by. Our legal experts have established the short-, medium- and long-term challenges that retailers face to help your business adapt and strategise for the future.