Macy’s is making a $5 billion commitment to its new “social purpose” platform.
Macy's Inc. is launching a “social purpose” platform to achieve positive societal change that includes commitments to its employees, communities and the planet at large.
The department store giant will direct $5 billion of the company’s spend, scaling through 2025, tothe partners, products, people, and programs that help create “a more equitable and sustainable future.”Macy’s said its new “Mission Every One” social purpose platform is built on three pillars of impact: people, communities and planet.
In addition, as part of the platform and as previously announced, the company is raising its minimum wage for all workers to $15 an hour by May 1 and, beginning this month, is providing a fully funded education benefit program for all its employees through Guild Education, investing approximately $35 million over the next four years.
Additional highlights from the new initiative are below.
PEOPLE • Macy’s is increasing its investment in underrepresented designers, brands and business partners, products, and service providers across Macy’s and Bloomingdale’s. A portion of the company’s overall $5 billion commitment will support retail and non-retail diverse-owned businesses, investments in diverse retail development programs, including “The Workshop at Macy’s, and expand the certified sustainable products that we offer. (“The Workshop at Macy’s” is the retail industry’s longest running retail development program for underrepresented suppliers has helped support and grow more than 175 diverse and women-owned businesses since 2011, the company said.)
• To help customers find and choose more sustainable products Macy’s will increase its digital assortment by 5,000 product pages on the macys.com sustainability sitelet, from all product categories. The expansion of certified sustainable products will also go beyond third-party certification to include sustainable innovations, specifically in the area of circular solutions, as the company prioritizes opportunities that extend the life of a product.
•Macy’s is accelerating representation goals for its leadership by achieving 30% ethnically diverse representation by 2025 at the director level and above.
COMMUNITIES • As part of its commitment to empower future leaders, Macy’s will donate more than $100 million by 2025 to nonprofit organizations that support the emotional well-being and education of underrepresented youth, as well as environmental stewardship.
• Macy’s is committed to providing $2 million by 2025 to support programs and scholarships for underrepresented youth in fashion, design and sustainability, and offering mentorship and employment opportunities throughout the business.
PLANET • Macy’s is increasing the use of sustainably sourced raw materials and fibers incorporated into the design of its private brand products – including cotton, synthetic and all wood-based materials – to support its goal of achieving 100% preferred materials in Macy’s private brands by 2030.
• Macy’s is improving its operations by investing in sustainable innovations that help reduce, reuse, and repurpose materials to eliminate waste. The company is developing Science Based Targets (SBTi) to reduce its emissions and align with climate science guidelines
• Macy’s seeks to advance worker’s rights, women’s equality, and family well-being with its private brands suppliers by investing $500,000 by 2025 with nonprofits that support suppliers and their factories. The company will also conduct worker well-being via social and environmental audits of 100% of its Strategic Tier-1 private brands supplier facilities.
“Macy’s, Inc. has long been a strong partner to the local communities in which we operate,” said chairman and CEO Jeff Gennette. “But today, as all stakeholders expect more of corporations – and of us – we are taking steps to strengthen how our work contributes to the common good. We are transforming our business from a position of legacy to one of leadership. In this evolution, how we run the business is as important as what we sell. As part of our transformation, we seized the opportunity to create a social purpose platform that leverages our scale, unique strengths and culture to create more meaningful change in the world.”