Bed Bath & Beyond is unveiling its first-ever comprehensive environmental, social and governance (ESG) strategy, including a new VP of ESG role.
The home goods retailer is making its ESG strategy an integral component of the multi-year transformation and growth plan it launched in October 2020. The strategy consists of three core pillars:
Planet: Bed Bath & Beyond is scaling its ESG strategy to be net zero carbon emissions by the year 2040. To date, the company has refashioned supply chain agreements, deployed AI-based tools to better monitor and manage its carbon footprint, and set key milestones for operations, sourcing, and products, including targeted goals to reduce water and energy consumption.
The company is also planning to deploy intelligent innovation and sustainable design across its new owned brands, store remodels, supply chain modernization, and technology transformation programs. To lead this strategy, Bed Bath & Beyond has appointed Mark Heintz as VP, ESG, who will oversee a cross-functional team Heintz brings more than 15 years of experience leading and building ESG and corporate sustainability teams, strategies, and programs across sectors to help companies achieve net zero operations.
People: In line with its goal of being a top 10 place to work in retail, Bed Bath & Beyond released plans for a paid parental leave policy and an investment in an associate relief fund to support associates during unexpected challenges. In addition, Bed Bath & Beyond has shared diversity, equity, and inclusion goals to reach at least 50% women representation and at least 25% racial and/or ethnic diversity at all levels by 2030. To reach this goal, the company is working to drive inclusion and belonging, and create new opportunities across its workforce, including additional initiatives related to upskilling programs.
Community: Since 2008, Bed Bath & Beyond has donated $1.5 billion in products to communities. The company is expanding that footprint with a commitment to donate $1 billion in products and 2 million volunteer hours by 2030, as well as pursue key national impact partnerships.
"For 50 years, Bed Bath & Beyond has made the home our business, and that commitment extends well beyond the foundations of our stores to the role we can play in creating positive change for our associates, the communities we serve, and the planet we call home," said Mark Tritton, president and CEO, Bed Bath & Beyond. "Our ESG strategy and comprehensive goals are a central part of our three-year transformation plan and a vital driver of our business as we innovate for the future and live up to our purpose, to make it easy to feel at home."
Bed Bath & Beyond's 2020 ESG report, including a summary of results to date and a detailed overview of the company's ESG commitments, can be accessed here.