The convenience of the future from a business perspective
REITAN CONVENIENCE SWEDEN AB’s new sustainability investment and store concept PBX entails – in addition to a new brand and sustainability concept – new challenges when it comes to how to measure success. The CFO Magnus Bengtsson is asked what that means.
What is the difference between measuring success in a sustainability investment, compared to how you usually measure?
Traditionally, success is measured in money, but our increased focus on sustainability requires that we also take into account completely new parameters, such as, for example, environmental impact at all levels and the social aspect of the business. What will also be special is that our measuring points will need to be more dynamic and adjusted over time, as sustainability work changes and develops. I feel that the traditional accounting is not enough to capture, measure and follow up the sustainability investments we make. That is why we are currently creating KPIs and metrics that, as far as I know, do not exist. We are simply at the forefront of financial follow-up as well.
Why is it really important to invest in sustainability?
We are convinced that the consumers of the future – and to a large extent also today’s consumers – demand something different from us as a company than they previously demanded. Values around sustainability and gender equality are becoming increasingly important and future consumers will demand compliance with the companies and stores they choose to visit, so sustainability is simply a crucial factor for a long-term profitable business.
From your perspective as a CFO, what challenges do you see with this venture?
The big challenge is that it is extremely difficult to immediately change 400 stores and make changes that are truly sustainable, when the definition of sustainable products and services is also constantly changing. Therefore, PBX, our own living laboratory, is a perfect tool, as it gives us space to experiment and evaluate at a pace that allows us to also be at the forefront, regarding all 400 stores, in the rapidly changing view of sustainability.
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