THE RETAIL BULLETIN - The home of retail news
Home Page
News Categories
Christmas Ads
Commentary
Department Stores
Electricals & Technology
Entertainment
Fashion
Food & Drink
General Merchandise
Grocery
Health & Beauty
Home & DIY
Interviews
Property
Retail News
Retail Solutions
Shopping Centres, High Streets & Retail Parks
Sports & Leisure
Retail Events
People in Retail Awards 2023
Retail Marketplace Strategy 2023
Omni Channel Futures 2023
Retail HR Central
Digital Transformation Strategy 2023
Customer Engagement Strategy 2023
Retail HR 2023
THE Retail Conference 2023
Upcoming Retail Events
Past Retail Events
Retail Insights
Retail Solutions
Advertise
About
Contact
Subscribe for free
Terms and Policies
Privacy Policy
Retailers slash ties with unethical suppliers to tune of £7.1bn in cancelled contracts

Retailers severed ties with suppliers who did not meet ethical standards to the tune of £7.1bn in cancelled contracts last year. Research published today from Barclays… View Article

GENERAL MERCHANDISE

Retailers slash ties with unethical suppliers to tune of £7.1bn in cancelled contracts

Retailers severed ties with suppliers who did not meet ethical standards to the tune of £7.1bn in cancelled contracts last year.

Research published today from Barclays Corporate Banking has highlighted that one in five UK retailers distanced themselves from suppliers who did not meet sustainability or ethics standards.

It comes as consumers have become increasingly interested in the provenance of their purchases and are willing to vote with their feet on companies who don’t make the cut.

An average of six contracts were cancelled per retailer, with an average value of £306,000 per contract.

Retailers were quick to cancel contracts when suppliers used unsustainable materials, with 39 per cent citing this as a reason.

Some 37 per cent cited unfair working hours while 32 per cent said they ended working relationships because a supplier was not part of a trade body that monitors ethical and sustainable standards.

Retailers invested some £179m into joining trade groups that monitor supplier performance on social issues.

“We are seeing a marked acceleration and shift among retailers towards prioritising sustainable and ethical standards in every part of their business operations,” Karen Johnson, head of retail and wholesale, Barclays Corporate Banking.

“That is now starting to take its toll on retail suppliers with billions of pounds worth of contracts being cancelled every year.”

As Gen Z enter the workplace and earn their own income, this trend will be driven even further, Johnson added.

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News