By Meghan Ennes
“Walmart is using our size and scope to help women-owned businesses around the world succeed and grow,” says Andrea Thomas, SVP of Sustainability. Setting the precedent for similar social initiatives at Whole Foods and Starbucks, this strategy shift from America’s largest retailer could signal a “turning point in socially-conscious retail” (Forbes).
But Walmart’s strategy is attempting to go beyond social consciousness. They’re creating shared value by achieving business goals that help alleviate a societal problem. Beth Keck, senior director of women’s economic empowerment at Walmart, believes her company can give more women the opportunity for success through the shared value mindset. “All of these initiatives are improving our bottom line,” she says of the company’s sustainability efforts.
One of these goals is to give women in business access to Walmart’s huge customer base, and the company plans to source $20 billion from women-owned businesses across the world.Click to continue reading »