COPPELL, Texas--(BUSINESS WIRE)--
(the “Company”), the leading specialty retailer of organizing solutions, custom closets, and in-home services, today published its 2021 Sustainability Report, a first for the Company. The Container Store is committed to doing its part to contribute to the well-being of its customers, communities, and the environment.
The inaugural sustainability report builds on the foundation laid by the Company’s first materiality assessment to identify and prioritize top environmental, social, and governance (ESG) topics most important to the Company’s business and stakeholders. The process included internal and external stakeholder interviews, benchmarking, research and external trend analysis to identify key areas of opportunity across the ESG spectrum. The top areas include Product Lifecycle and Environmental Impact, Emissions and Energy, and Diversity, Equity and Inclusion (DEI). The report outlines the Company’s current efforts within each pillar.
“Not only is this report the right thing to do, but we also know it matters to our customers, employees, communities and shareholders, and we are committed to updating it annually,” said Chief Executive Officer Satish Malhotra. “I am incredibly proud of the strides our company has made in having a positive impact. I have complete confidence we will make progress on the opportunities we have identified for growth in the months and years to come.”
Highlights in the report include:
- Environmental: Investment in Renewable Energy Credits, offsetting power usage in stores, distribution centers, and corporate offices with 100% renewable energy, and bringing focus to sustainable materials by offering approximately 1,600 products that are either made from renewable materials, recycled or composted products, or products that promote the health of our environment and homes
- Social: Raised minimum hourly wage to $15 and recently announced a variable incentive plan that will be highlighted in 2022
- Governance: Established Board oversight of ESG efforts and created new roles for Diversity, Equity and Inclusion, and ESG
In 2021, the Company also modernized its Foundation Principles, seven fundamental business philosophies about treating people with respect and dignity. The ESG topics discussed in the report are tied to at least one Foundation Principle.
“The Container Store has made significant progress in our ESG efforts over the past fiscal year,” said Chief Financial Officer and Sustainability Committee executive sponsor, Jeff Miller. “We hired director roles in both ESG and DEI and performed our first materiality assessment to identify key areas of opportunity across ESG. I am looking forward to the next step in this journey by establishing goals and key metrics to measure our progress in the future.”
The 2021 Sustainability Report serves as an important milestone in the Company’s sustainability journey. The Company plans to report on sustainability progress on an annual basis. Those interested are invited to download the report and contact with questions or feedback.
About The Container Store
The Container Store Group, Inc. (NYSE: TCS) is the nation’s leading specialty retailer of organizing solutions, custom closets, and in-home services – a concept they originated in 1978. Today, with locations nationwide, the retailer offers more than 10,000 products designed to transform lives through the power of organization.
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