The retail industry must adjust its strategies and policies in order to benefit from the rise of 'political shoppers', economist and writer Dr Noreena Hertz told the second day of the International Council of Shopping Centers European conference in Warsaw on Thursday.
The retail industry must adjust its strategies and policies in order to benefit from the rise of 'political shoppers', economist and writer Dr Noreena Hertz told the second day of the International Council of Shopping Centers European conference in Warsaw on Thursday.
Hertz warned that increasing public awareness of global warming will in the short term impact on the property world as governments introduce stricter regulations to boost sustainability. Companies will need to adopt strategies to manage the environmental regulations, but there will be opportunities too, Hertz said. In China, for example, UK based engineering group Arup is working on plans for a new 'green' city called Dongtan on the outskirts of Shanghai. The design will be used as a template for five such cities planned by the Chinese authorities.
Some companies are 'one step further' than their peers, Hertz said. UK retailer Tesco and broadcaster Sky have vowed to become carbon neutral while investment bank Goldman Sachs is actively lobbying the US government to implement green policies. The business world is increasingly expected to behave in a socially responsible manner as the public's trust in politicians continues to collapse around the world, Hertz added. She pointed out that, last year, one in two people in the UK boycotted certain consumer brands which they considered ' unethical'. A survey by Marks & Spencer revealed that three out of four customers want to know about the circumstances and conditions under which the British retailer's products are produced, she added.
This month Hertz launched a campaign asking soccer stars and managers in the UK to contribute a day's wages to tackle the issue of low wages for nurses.
See the May issue of PropertyEU for an interview with Arup on its eco-friendly cities