The Outside View: It’s Never Too Late to Build Social Good Into Retail

As retail continues to undergo the biggest transformation of our lifetime, traditional operators are repeatedly confronting the fact that there isn’t just a single reason they might be struggling for relevance, but a host of them. Many legacy retailers and brands that were late to the e-commerce game want to be sure they don’t repeat the error and are working hard to keep up with how consumers want to interact and shop with them on new channels and social platforms such as Instagram. But it’s challenging because consumers’ preferences, and technologies, keep changing quickly. At the same time, legacy brands have had to fight to maintain share as new rivals, online marketplaces, and rental and resale models have soared in popularity. They’ve also been forced to rethink their stores and integrate new retail technologies that can help provide a seamless omnichannel experience. Another area where many traditional retail companies have struggled is in developing corporate social responsibility (CSR) initiatives and making them a core part of their operations. On that front, the legacies have a high bar to reach, as popular digitally native brands like Toms have built CSR into their very foundations, integrating both charity and profit-making into their business models. I

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