“The Triple Bottom Line” – it’s a concept that concerns itself with a company’s social responsibility, its impact on the environment and its economic value. This is condensed down to the 3 P’s – people, planet and profit.
Supermarket News recently noted that the food retail industry “inherently demand” the triple bottom line. They have indicated that the nearly 80 million millennials who comprise the industry are a driving force behind the demand.
“They’ll likely be followed by Gen X and Gen Z shoppers, roughly 138 million US consumers combined – who will come to expect TBL as a normal business model for the industry.”
Supermarket News notes how “many food retailers promote a “buy local” mantra among their customer base provide fund raising opportunities for local charities and collectively donate millions of pounds of fresh or slightly outdated food to food banks” – this ticks off the people part of the TBL.
In terms of the planet aspect of the TBL, many retailers are “looking at ways to help safeguard the planet such as reducing energy consumption and using environmentally safe refrigerants in store merchandisers and freezer cases.”
Energy consumption is also a means by which retailers can tick off the profit part of the TBL. As Supermarket News highlights “Most stores today use hydrofluorocarbons (HFCs) as the refrigerant in merchandising displays although the food industry has started scaling back on HFCs, which are potent greenhouse gases that can contribute to climate change.”
As industry standards change it’s becoming ever more imperative for retailers to swap to energy efficient refrigeration. Through this transition retailers can tick off two of the Ps – profit and planet- through reduced running costs and reduced carbon footprint.
Long-Term Rental with Lowe is a means by which retailers can make the transition to energy efficient refrigeration cost-effectively.
According to the GreenChill Partnership, a program run by the US Environmental Protection Agency, “if every supermarket in the country… reduced refrigerant emissions to the current GreenChill average of 12.9% per year (instead of the national average of 25 percent), the industry could save an estimated $212 million annually.
Find out how your business can start making savings on store running costs while upgrading to new energy efficient refrigeration – contact the Lowe experts today.