Sustainability Practices in Modern Retail Commerce
The issue of sustainability has become a strategic imperative in the field of contemporary retail trading owing to the rising environmental issues, regulatory obstacles and evolving consumer demands. The modern retailers are engaged in a multifaceted global supply chain which greatly reflects on natural resources, energy use, waste production, and social wellbeing. In this paper, a detailed discussion of the sustainability principles in the contemporary retail business concerning the environmental, social, and economical aspects is provided. The paper examines the major sustainability drivers, the best current practices available to be implemented by the retailers and develops a systematic approach to a methodology to be implemented in the implementation of sustainable retail strategies. An elaborate literature review points out newer developments, barriers and missing links regarding sustainable retail research. The suggested approach combines green sourcing, operational efficiency, reduction of waste, and technology. It has been found that retailers, which follow holistic sustainability portfolios, enjoy better operational efficiencies, improved brand performance, and cost economic sustainability. It is possible that the findings will be beneficial to the academic and the practice of managers, as the systematic approach to the implementation of the sustainability idea in retail business models will be provided. The findings of this paper support that sustainability is no longer a choice but a prime requirement of competitiveness and long-term sustainability in a present-day retail business.