Premium department store business Selfridges has set the ambitious target for 45% of its transactions to come from resale, rental, refill, repair or recycled products by 2030.
This target to make circular transactions a bigger part of its revenue stream is in line with the retailer’s wider ambitions to become a net zero carbon operation by 2040.
Selfridges defines a circular transaction as one going through one of its four stores or e-commerce operation that includes at least one resale, rental, refill, repair, or recycled product, but it excludes its home, food, and restaurant items.
The retailer’s new mission comes two years on from the launch of its Project Earth initiative and coincides with the publication of its first annual Project Earth Report, where it promises to reinvent retail and meet its commitment to a net zero future.
Within the report, published today (2 September), Selfridges said it is now committed to only stocking products that meet strict environmental and ethical standards by 2030. As has been the case since the launch of Project Earth, Selfridges is continually working to promote more circular models of consumption such as resale, rental, refill, and repair. It launched its ‘Resellfridges’ initiative and has launched a wedding rental collection among other key moves.
Andrew Keith, managing director at Selfridges, said: “In creating our store of tomorrow we must commit to a fundamental shift in the way that we do business and use the Selfridges platform for change.
“Our vision is to reinvent retail and create a more sustainable future, and Project Earth and our new targets underpin this. We recognise that we need to challenge ourselves to accelerate change and our ambitious circular and materials targets do just that.”
Keith acknowledged that the company does not have all the answers and recognised the scale of the challenge it has set itself, but said the business is “committed to finding solutions, through a continued imaginative approach to retail innovation”.
Research by the retailer shows that half of Selfridges customers want to make more sustainable choices but don’t know how to. As a result, Selfridges will offer ‘Project Earth’ appointments to discover how to re-style existing wardrobe pieces, explore earth-conscious beauty ranges, and learn about more sustainable denim.
To ensure the decision-making process in this new dawn for the retailer is inclusive and representative, Selfridges said it is committed to ensuring that by 2025 half of director roles will be held by women. It also promised to close the gender pay gap and said 16% of the senior leadership team will be made up of ethnic minorities.
[Image credit: Green Retail World]
