Retailers Staying Fearless Around Their Purpose & Values
In the wake of the Fearless Girl sculpture on Wall Street — which was meant to evoke awareness of the need for more women in leadership positions — I couldn’t help but pause and reflect on how the retail sector measures up. Would this fearless girl be proud of retailers’ corporate ranks? One major trend in retail is the evolution toward illuminating organizational purpose. More than just a mission statement, a company’s purpose articulates its reason for being in business and drives how a company demonstrates its brand and culture. Ben & Jerry’s started the movement in 1988, becoming one of the first ever B-Corps, which put equal weight on both its social and economic missions. Bombas socks is another company that has based an entire business around one fact: socks are the #1 requested clothing item at homeless shelters. In just two and a half years, it built a cult following while donating more than 1 million socks to people in need. And just last week, REI launched Force of Nature, a commitment to putting women front and center in a number of initiatives. Commitments that focus on inclusion as well as initiatives like #OptOutside were born from the role REI has defined for itself through its purpose. These examples aren’t just good business – they are good for business. A truly purpose-driven company has purpose as its guidepost for decision-making. That includes the opportunities it decides to pursue — as well as not pursue — to show commitment toward responsible business leadership. Read more at Forbes.
