The business trend that unites Walmart and Tiffany & Co
From the shiny storefront of a luxury retailer to inside the aisles of the world’s largest retailer, one business trend is uniting two ends of the spectrum – Walmart and Tiffany & Co. Together, these two seemingly opposite entities are finding a common ground that’s making shoppers take notice.
1. All Aboard the Sustainability Express: The Common Business Trend Uniting Walmart and Tiffany & Co
As the business world evolves, environmentalists and shareholders demand that companies take global climate change seriously. In the last few years, two companies have taken a strong stance in leading the charge towards a more sustainable world – Walmart and Tiffany & Co.
Walmart has long been a giant in the retail space and has recently made major changes to their sustainability practices. They have set the goal of becoming powered by 100% renewable energy come 2035, made large-scale efforts to reduce energy consumption from refrigeration, and have developed sustainability metrics for their suppliers to meet. Additionally, they have adopted the Zero Hunger | Zero Waste framework to ensure that their suppliers reduce waste while supplying healthy food options.
On the other side of the spectrum is luxury jewelry company, Tiffany & Co. As of June 2020, the company has achieved carbon neutrality, installed solar gardens and rooftops, and has committed to using 100% renewable energy by 2025. They’ve also shifted their diamond sourcing to only sources that are “natural, renewable and traceable”, ensuring they have a constant supply while promoting environmental and social benefits in the process.
- Walmart’s goal to become powered by 100% renewable energy
- Zero Hunger | Zero Waste framework
- Tiffany & Co has achieved carbon neutrality
- Installed solar gardens and rooftops
- Sourced diamonds from renewable sources
These two distinct businesses have come together to emphasize the larger message – that sustainability in business is no longer a ‘nice-to-have’ but a requisite. It’s not just corporate social responsibility but a sustainability imperative. Companies who ignore the need for change will be left in the dust as businesses of all sizes strive to become more environmentally and socially responsible.
2. Opportunity in Adversity: Why Walmart and Tiffany & Co Unite Around Sustainability
In a partnership surprising to some but not to others, Walmart and Tiffany & Co have joined forces to fight for sustainability. The companies have an unlikely but united vision to create a greener future. Walmart, one of the largest retailers in the world, has put climate change and sustainability at the forefront of their efforts. Tiffany & Co is one of the world’s leading jewellers, and has been developing and delivering innovative and responsible ways of doing business.
The motivations for the collaboration may seem strange given the company’s differences, but Walmart and Tiffany & Co share a vision; a global commitment to make the world more sustainable. As part of the partnership, the companies will collaborate on sustainability initiatives focusing on:
- responsible sourcing,
- recycling and repurposing materials,
- promoting greater transparency
- encouraging responsible consumption.
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The partnership announcement also comes with the goal of targeting a larger audience, to encourage more people to adopt sustainable practices and behaviors.
3. A Greener Future: How Walmart & Tiffany & Co are Driving the Sustainability Movement
Making changes to help support and protect the environment is becoming increasingly important for businesses in all industries. Both Walmart and Tiffany & Co., two giants in their respective industries, are taking steps to ensure a greener future through multiple avenues.
- Walmart: Walmart is taking a multi-pronged approach to sustainability. It has recently announced the launch of a new sustainability platform, Project Gigaton, which encourages suppliers to reduce their greenhouse gas emissions by one gigaton by 2030. The company has also recruited employees in its effort to reduce plastic packaging, and it is already achieving success in this area. Additionally, Walmart is transitioning to renewable energy sources like solar and wind to power its operations.
- Tiffany & Co.: Tiffany & Co. is also playing a large role in driving the sustainability movement. Most recently, the company launched the Tiffany Blue Book Collection, which is made up of sustainably sourced diamonds from the Kimberley Process and recycled metals. The company is also committed to using recycled and responsibly sourced gold, silver, and other metals for jewelry and packaging materials.
The efforts of these two major companies represent a shift toward more sustainable practices. Their commitment to reducing emissions, using sustainable materials, and switching to renewable sources of energy sets a great example for other companies to follow. Together, Walmart and Tiffany & Co. are taking real actions to drive the sustainability movement forward.
As contradictory as it may seem, Walmart and Tiffany & Co have grown to share much in common. Both companies emphasize the importance of customer experience—even for customers with drastically different tastes and budgets. By recognizing customer needs, Walmart and Tiffany & Co are leading the way toward a more customer-oriented business world.