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GREEN RETAIL SALE AS A FACTOR OF BUSINESS SUCCESS

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 GREEN RETAIL SALE AS A FACTOR OF BUSINESS SUCCESS

1 2 1
Dragana Vojteški KLJENAK Radojko LUKIĆ and Goran KVRGIĆ

1 2
College of Economics and Entrepreneurship Belgrade, Faculty of Economics, University of Belgrade

Prof.Ph.D Dragana Vojteski Kljenak Prof.Ph.D Radojko Lukic Prof.Ph.D Goran Krvgic

Abstract: The analysis of development and application of the effects of green practices is in the center of both
theorethical and practical interest of modern retail. In light of this, the effects of "green strategy" are being researched
throughout the value chain in order to improve business performance in retail. Concidering it, this paper analyses
characteristics and the effects of green practices on the performance in retail. Global retailers are increasingly
struggling with high costs, especially energy costs. The development and implementation of green practices contributes
to significantly discounted "surplus" of retail costs. This is particularly proven by numerous empirical results of
research, primarily based on analysis of annual reports of global retailers, which are leaders in implementing green
strategies in their business. As a result, the green practice is, together with other modern concepts, treated as very
effective tool of cost management in retail. With effective application it significantly contributes to improving overall
performance in retail.

Keywords: green strategies, green technology, green stores, green logistics, green energy, green products,
green buyer.

JEL Classification: D40 L81 M41

1. Introduction

Because of the perceptible social, economic and ecological importance, the issue of "green practices" is being
intensively researched in all companies - both theoretically and practically - through the entire value chain. Concidering
these specifics, it is researched from different perspectives. In this paper we will give focus on exploring the effects of
development and implementation of green practices on performance in modern retail.
The analysis of annual reports of global retailers show that special attention is paid to the impact of green
practices on cost, profitability and customer perceptions, as well as on environmental protection. The overall
conclusion is that green practices are important tool for effective cost management and overall performance in retail.
It also contributes to the achievement of environmental, social and economic goals. According to its economic
importance, it is on the same level as the other modern concepts of cost management and profit in retail. Because of all,
green practice is treated as very important factor of business success of retail companies.
Regarding the importance, there is a rich literature devoted to the issues of the effects of "green strategy" on the
performance of all enterprises, regardless of their sectoral affiliation, real or service (including the financial sector, for
example, banks that are dealing with so-called "green loans" or "green insurance" approval). Within the framework of
it, part of literature is devoted to the specifics and efficiency of green retailing management (Lai et al., 2010). It is
understandable when one bears in mind the importance of retailing as a part of the entire value chain (specific product
categories, for example, food).
All available literature in this paper serves as a theoretical basis for understanding the global impact of green
practices on the performance in retail. On the basis of it is learned: how and to what extent green practices should be
further developed and how should they be implemented in the business of retail companies in order to achieve not only
their profit, but also social objectives, with the maximum satisfaction of customers.
The issues of green practices are scientifically and professionally challenging. In this paper, they are
specifically examined from the perspective of the role and importance of a green strategy in effective cost management
(due to their recent increasing, particularly the energy cost) and overall performance in retail. Within that, the influence
of green strategy on brand, corporate values and image as specific determinants of performance in retail is emphasised.
In terms of methodology the research in this paper is mainly based on a descriptive approach. Theory and
practice is studied in order to get knowledge about the importance of effective implementation of green practices in
modern retail, especially in small and medium-sized retail companies in developing and transition countries (such as
Serbia and other countries in the region). Because of the importance, they should certainly follow the path of
development of leaders (Wal-Mart, Tesco, Carrefour, etc.) in applying the "green economy" in retail.
Concerning the data, research in this paper is based on primary data collected from annual reports of observed
global retailers, leaders in applying the "green economy". Also, it is based on the relevant secondary data from the
literature that theoretically, methodologically and empirically treats the green business issue in a broader sense,
particularly in the retail sector.

2. Theoretical dimensions of green retailing

Recently, the concept of sustainability is increasingly being applied in all companies. Corporate
sustainability is, in principle, defined as the integration of financial benefits, environmental and social responsibility in
business and company management (Lo, 2010). Improvement of sustainability has positive impact on shareholder value
in retail (Cash-Elizondo, 2010). This is particularly achieved through the reduction of cost in sales, general and
administrative costs (Accenture, 2007). Sustainability is the key element of operational management of global retailers
such as Wal-Mart, Tesco, Carrefour, etc.
In principle, the role and importance of strategy of development and implementation of green practices is
significant (Sinha, 2011). Green practice includes resources and strategic opportunities for firms to achieve certain cost
savings, improve service quality and environmental protection. Reduction of waste in the value chain improves the
competitiveness of all firms, including retail. In order to represent the essence, Table 1 shows green practices through
Porter's value chain.

Table 1. Green practices through Porter's value chain

Strategic Capabilities How It Takes Place Where It Takes Place Who Is the Key Key Elements
in the Value chain Party Involved Summarized
Pollution Prevention Improve efficiency Internal Activities: Employees Internal
by minimizing Operations, Improvement
emissions, effluents, Logistics
and waste in
operations
Product Stewarship Coordination with External Activities: Stakeholders External
stakeholders to Procurement, Coordination
minimize life-cycle Marketing,
costs products After-Sales Service
Sustainable Developing Supporting Top Management Supportive
Development technology and Activities: Development
human resources to Firm Infrastructure,
support green Technology
primary activities Development,
and further growth of Human Resource
the firm Management
Source: Lai et al. (2010)

From the above table it is clearly shown that green practices can be successfully developed throughout the
value chain with a positive impact on the (cost and environmental) performance of the value chain. Porter's value chain
is also with some specific adjustments applied to the retail (Porter, 2006).
The term green retailing - including of measures of environmental protection in the retail business - is
becoming increasingly popular, both in theory and in practice. At one time insufficient theoretical and practical
attention was paid to the role of retailers as intermediaries between suppliers and customers in developing and
implementing "green practices" throughout the value chain, despite the fact that the life cycle of products is considered
in each stage of the value chain. Lately, given the importance of retailing as a member of value chain of all product
categories (eg, food), all the more - both in literature and in practice - attention is paid to the problems of development
and the effects of applying green practices in retail.
 In the literature there is no universal definition of green retailing. It is expressed through different dimensions
or certain attributes. Three dimensions of the green retail include: 1) internal improvements based on the green retail:
the use of green stores and green transport, 2) external coordination based on the green retail: green procurement, green
products design, green packaging, promotion of green, and green after-sales service, and 3) supporting the development
of retail-based green: green politics, green technology development, green human resource development (Lai et al.,
2010). Successful application of green practice requires the retailers to try to, above all, reduce waste and improve
environmental performance across the entire value chain.
Retailers have significant cost savings from the use of green stores, green procurement, green logistics, green
packaging, green design products, investment in green technology, energy and waste reduction, cooperation with
suppliers, cooperation with non-government organizations involved in managing the environment, customer
involvement in the reduction scattering, etc.
Research on the example of the many global retailers (such as Wal-Mart, Carrefour, Tesco, Metro, Kroger,
Target, Costco and Sears) shows that the effective implementation of green practices has a positive influence on the
reduction of operational costs and improvement of service in the retail sector. In the context of an
effective environmental management in retail the focus is on the three aspects: energy, waste and water and, in
particular, green building design and construction (Zhang, 2011). In recent years, the design of green building and
construction of green stores is being especially significant. Reduced costs are positively reflected on the overall
performance in retail.
Continuous improvement of the implementation of green retailing amounts to: (1) identifying oportunity to
reduce waste, (2) improve internal communications (3) improving external communications, and (4) measurement and
control of environment performance (Lai et al., 2010). All internal and external factors, including the customers, are
therefore included in the implementation of the concept of sustainable development, policies and strategies of green
practices and environmental protection in order to improve business performance in retail.
"Green Strategy" is developed through five major growing levels: (1) process, (2) material, (3) supply chain,
(4) functionality, and (5) buyer (Blanco, 2010). It thus includes the supply chain. Strategy of the green supply chain
includes "eco-efficiency", with great influence on his every level.
Typically, green supply chain focuses on: energy (reduction of energy use and renewable alternatives
exploration), water (cutback in water consumption and fight against pollution), the greenhouse effect (neutralizing as
much as possible), and waste (minimization) (Blanco, 2010).
There are partners who are interested in creation of green supply chain and with them new business
relationships must be developed in order to improve the "eco-efficiency" (Čepinskis, 2011).
Special measures have been developed for the expression of eco-efficiency of the supply chain. Eco-efficiency
logistics is expressed as the ratio between the value of products or services and environmental influence (eco-efficiency
= product or service value / environmental influence). Green logistics performance indicator is expressed as the ratio
between logistics performance and environmental impacts (green logistic performance indicator = logistics
performance / environmental impacts), or as the ratio between the sum of selective information logistics of
performance indicators data (output) and the sum of selective envronmental performance indicators data (input) (Green
logistics performance indicator = sum of selective logistics of performance indicators data (output) / sum of selective
environmental of performance indicators data (input) (Kim, 2010).
Logistics greening is a complex issue (Duo Wan-hong et al., 2010). It comprises different segments:
distribution, increasing of the efficiency of CO2 emission, production, extraction of raw materials / resource and
restoration of products.

3. Business and financial effects green retailing

It is believed that one of the key reasons for the acceptance of green practices in retail are increased operating
costs due to increased costs of energy and that is why many retail companies are switching to solar and other forms of
green energy. Green retailing can be used as a tool to improve competitiveness and profitability through cost savings. It
enables retailers to collaborate with suppliers who are trying to reduce costs by decreasing the emission of carbon
dioxide.
Retailers increasingly attribute great importance to green practice or environmental protection to improve the
efficiency of their value chain. The study on the example of 375 public retailers in Japan in the period between the
2007 and 2009 found that retailers who accept the green practices have better financial performance (due to significant
cost savings) compared to those who do not (Tang, 2010).
Green retailing is therefore an important factor in the performance of retail companies. Benefits of green
practices are reflected in costs savings (energy and packaging materials), improved reputation and brand image (selling
green products), improving the customer's perception (acceptance purchase of green products) and reducing (negative)
environmental impact (reducing, re-use and recycling of waste and packaging materials).
Many retailers accept the green philosophy and to implement it they allocate substantial funds for investment
in green business, green products, facilities (shops and warehouses) - i.e. for "green economy".
They develop a holistic approach to transform their business into so-called eco-friendliness. The effect is
improvement of their overall performance, including environmental.
 Green practices are increasingly accepted not only by retailers but consumers themselves (Vernekar,
2011). Despite the economic crisis they buy green products. According to the assessment of The
Natural Marketing Institute it is expected that green consumer market will reach the value of $ 845 million by 2015
(Lai et al., 2010). All this reflects positively on performances of green retailing as determinats of total retail
performances.
In deciding on the purchase of certain products green buyers are affected by their demographic
characteristics (age, gender and education) and elements of green marketing (product, packaging, location and
distribution, and promotion).
The green price problem has not been yet adequately resolved. Customers pay higher prices for green products
than they should. Through the price of green products they pay so called green premium. Because of lower costs, the
price of green products should be lower rather than higher.
One of the significant factors in customers' purchasing decision is the development of a
green brand. Modern retail is characterised by rapid development of private
brands, including green private brand (Lukić, 2011a). The development of private brands can positively influence,
through costs savings (energy and reduce packaging), on the performance of modern retailing (Sharma, 2010). Table
2 presents the top ten green brands in 2011.

Table 2. Top ten green brands and credits, 2011

Toyota 64.19
3M 63.33
Siemens 63.08
Johnson & Johnson 59.41
HP 59.06
VW 58.90
Honda 58.85
Dell 58.81
Cisco 57.66
Panasonic 57.32
Source: Interbrand - Best Green Global Brands 2011, Top 50 Green Brands.

The organic food packaging is becoming more important. It amounted to 3.4% of the total package of food in
2010 in the United States, with a tendency to rise. Table 3 shows the market share of organic food packaging in the
U.S.

Table 3. Market share of organic food versus the total package in the U.S.
Historical / predicted retail prices - current prices - U.S. $ billions

Category 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Food 289.5 296.4 306.8 320.9 326.0 331.4 339.4 349.1 360.7 373.0
Packaging
Organic 7.3 8.4 10.0 1.11 8.10 2.11 8.11 6.12 4.13 3.14
Food
Packaging
Source: Euromonitor, 2011. By: Agriculture and Agri-Food Canada (2011) - Organic Packaged Food and Beverages in
the United States

Significant cost savings can be achieved by recycling and repairing the packaging, thus eliminating or
minimizing waste. Percentage of recycling and packaging repairs in 2008 in the European Union (EU - 27) was 61%
and 73%, respectively. In some EU member states it was: Germany - recycling 71% and repair 95%, France -
recycling 55% and repair 65% and the United Kingdom - recycling 62% and repair 66%. In the European Union
recycling of packaging is in the range of 43% (Poland) to 79% (Belgium), repair of packaging ranges from 34%
(Cyprus) to 98% (Denmark). (Source: Eurostat, 2011. Energy, transport and environment indicators).
Green and organic products sale is growing in modern retail outlets (Jonsen, 2012; Lukić, 2011 b). Thus, for
example, sale of organic products in supermarkets in Denmark in 2010 was 33% (Table 4; Figure 1).

Table 4. Organic sales by channels in Denmark

Sales channel 2010

Discount stores 33.7
Supermarkets 2.27
Department stores 2.18
Discount department store 3.4
Convenience stores 4.5
Alternative sales channels 5.10
Other 2.5
Source: GFK ConsumerScan. According to the Organic Market Memo (2011), Organic Denmark
(www.organicdenmark.dk).

Discount stores

2.5
5.1 Supermarkets

Department stores
4.5

Discount department
3.4 store
2.18 33.7 Convenience stores

2.27
Alternative sales
channels
Other

Figure 1. Organic sales by channels in Denmark, 2010

Source: GFK ConsumerScan. According to the Organic Market Memo (2011), OrganicDenmark
(www.organicdenmark.dk).

In modern retail considerable attention is paid to reduction of carbon dioxide emissions. Emission of carbon
dioxide in the European Union's trade (wholesale, retail trade and motor vehicles) - measured as the ratio between gross
added value and carbon dioxide emission (gross added value in euros / carbon dioxide emissions in tons) - was from
year to year: 2000-11245, 2001-11159, 2002-11371, 2003-11763, 2004-11865, 2005-12325, 2006-12870, 2007-13518,
2008-13480. In transport, storage and communication it was: 2000 - 1356, 2001 - 1387, 2002 - 1424, 2003 - 1401, 2004
- 1392, 2005 - 1369, 2006 - 1385, 2007 - 1412, 2008 - 1417 (Source: Eurostat, 2011, Energy, transport and
environment indicators).

4. Environmental Reporting

The number of retailers (The Body Shop, Carrefour Group, and Metro Group) which treat the environment as
one of the components of their corporate mission is increasing. One manager of Tesco once said: "We Must Go Green"
(Lai et al., 2010).
Environmental accounting was developed and it is, with certain adjustments, pursuant to the specifics,
applicable in retail companies.
Because of the general social importance of effective environmental management, including the
green retail, retail companies inform interested parties through the various reports. Table 5 illustrates different ways
of environmental reporting for selective retailers.

Table 5. Methods of environmental reporting selective retailers

Company Annual Report Report on Corporate Social Sustainability Report

Responsibility
Carrefour *
IKEA *
Inditex *
Kingfisher *
Metro Group *
Royalahold *
Tesco *
Source: Zhang (2011)

The above table shows that some retailers inform on the effects of environmental management through annual
reports and the other through special reports, such as report on corporate social responsibility and sustainability
report. As part of this reports, special attention is paid on energy efficiency, greenhouse gas emissions, supply
chain, carbon dioxide emissions, fuel efficiency, environmental management, green procurement, fuel savings,
auditing supplier, sustainable supply chain (Wu, 2012).
Each retail company creates its own program of green practices, which gives different results. For example, a
retailer Tesco, with plastic bag reduction and increased use of customers' bags achieves significant cost savings, which
reflects favorably on its business and financial performance. His environmental goal in the future is to achieve zero or
smallest carbon dioxide emission possible. Accomplishment of this goal enables Tesco to achieve over 150 million
pounds of savings in energy costs per year (Zhang, 2011). In 2011, the reduction of carbon dioxide in existing stores
and distribution centers was 7.7%, and in new stores and distribution centers, 28.8% (Tesco PLC Annual Report and
Statements Finnacial 2011).
Well-known global retailer Wal-Mart pays considerable attention on developing the concept of corporate social
responsibility, including green retail (Heyninig, 2009). With practical application of this concept it has
considerable business efficiency. Within it, there are three fundamental environmental objectives: (1) use 100%
renewable energy sources, (2) achieving zero waste, and (3) sales of products that will support the people and the
environment (Walmart Responsibility Global 2011 Report). Achievement of these environmental goals will definitely
have long-term positive impact on the improvement of the efficiency of the retail chain Wal-Mart (Heyning, 2009).
With the effective application of the concept of green retail significant cost savings could be made by
reduction of energy. For example, Wal-Mart Canada plans to achieve a million dollar cost savings with the
implementation of efficient energy reduction plan by 2015 - using alternative renewable energy sources (KPMG
International, November 2011, Issue 3: Growing need for green retailing, Issue Monitor, Volume 11).
The company Metro Group has similar environmental goals as Wal-Mart: increase of energy savings,
optimization of cooling devices use, reduction of waste, increase of ecological bags use, reduction of carbon dioxide
emissions, improvement of working conditions for employees, sales of high quality (green - organic) products, eco-
efficient supply chain management, etc. (Metro Group: Progress Report 2010).
In the development strategy of Delhaze Group, special place has corporate responsibility in connection with
the products, people and planet. As part of that, significant attention is devoted to food safety, health and wellness,
development, reduction of energy and responsibility for the origin (Our "New Game Plan" - Delhaize Group, 2010).
All companies, including retail, aside significant funds for environmental protection. Thus, for example, Oil
Indistry of Serbia (NIS), which processes and retails energy - fuel, pays increasing attention to the protection of air,
water, land and waste management. NIS planned to invest about 400 million euros by 2015 in protecting the
environment. It is estimated that these investments will pay off twice. Table 6 (Figure 2) shows the investment program
of environmental safety of the Oil Industry of Serbia.

Table 6. Investment program for the environment protection of the Oil Industry of Serbia

Year Investment program (million)

2009 12.6
2010 25.3
2011 35.1
2012 94.1
2013 118.7
2014 109.2
In total 395
Source: Daily, 24 hours - Energy, Thursday, 9 February 2012, p. 10th (www.24 sata.rs)
 Investment program (million)

450
400
350
300
Investment
250
program
200
(million)
150
100
50
0
l
09 0 10 0 11 0 12 0 13 0 14 ota
20 2 2 2 2 2 t
In

Figure 2. Investment program for the environment protection of the Oil Industry of Serbia
Source: Daily, 24 hours - Energy, Thursday, 9 February 2012, p. 10th (www.24sata.rs)

It will have a positive impact on the achievement of profit targets for the Oil Industry of Serbia, but also on
environmental and social goals, in a broader sense.

5. Conclusion

Based on the conducted theoretical and empirical appraisal of the impact of green practices in retail, we can in
principle conclude that the performances of retailers who implement green practices are better than those who do
not. This is especially true for retailers who integrate green shops and transport in their business. In terms
of developing "green economy" retailer Wal-Mart is prominent. His example is followed by many other retailers such
as The Body Shop, Carrefour Group, Metro Group and others.
Increased use of green practices would have a positive effect on reducing unnecessary costs and improvement
of overall performance in retail. On the other hand, these positive effects would be reflected on lower prices and better
services to customers and, thereby, on the realization of the so-called green goals. In achieving both
profit and environmental and social objectives, customers must be encouraged to accept green practices in retail as
much as possible, to buy green, organic products.

6. Reference

Acenture (2007): The green link to high performance in retailing, pp. 1-6.

Agriculture and Agri-Food Canada (2011) - Organic Packaged Food and Beverages in the United States, pp. 1-15.

Blanco, E. E. and Sheffi, Y. (Oktober 1, 2010), "Building on Supply Chains that Deliver on the Green Promise", 2010
Harvard Business School Publishing. Created for Harvard Business Review by BullsEye Resources
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Cacho-Elizondo, S. and Loussaїef, L. (2010), "The Influence of Sustainable Development on Retai Store Image",
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Čepinskis, J. and Masteika, I. (2011), "Impacts of Globalization on Green Logistics Centers in Lithuania", Aplinkos
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Eurostat, 2011, Energy, transport and environment indicators, pp. 1- 211.

Heyning, A. and Sanzero, W. (May 4, 2009), "A Case Study of Wal-Mart's 'Green' Supply Chain Management",
MGT 520 Operations Management, Professor Jim Constand, pp. 1-9.

Interbrand - Best Global Green Brands 2011, Top 50 Green Brands.

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Correspodence to:
Dragana Vojteski Kljenak
vojteski@live.co.uk College of Economics and Entrepreneurship Belgrade
Radojko Lukić
 rlukic@ekof.bg.ac.rs Faculty of Economics, University of Belgrade

Goran Kvrgic
gorankvrgic@vspep.edu.rs College of Economics and Entrepreneurship Belgrade

Please send us an invoice to this email gorankvrgic@vspep.edu.rs or by fax

+381 11 2762 194 or to the address of the Visoka skola za poslovnu ekonomiju I
preduzentistvo Beograd.
Mitropolita Petra 8
11000 Belgrade

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