Reverse logistics is the backbone of the circular economy. NRF acquired the Reverse Logistics Association to ensure NRF members have access to the latest information, technology and service providers powering the circular economy. The reverse logistics industry manages the collecting, sorting, repairing and refurbishing of products for resale or recycling. Do-it-yourself consumers also regularly rent rather than buy tools, power equipment, chainsaws, ladders and more from retailers like Lowe’s and The Home Depot. Resale and rental options go beyond fashion and apparel. It also operates a resale marketplace where consumers can buy and sell used items. Nuuly, now owned by Anthropologie parent company URBN, rents items to consumers from 300 apparel brands. Rent the Runway, Gwynnie Bee and Armoire rent fashion and accessories multiple times before offering the items for sale. The global secondhand apparel market is expected to reach $350 billion by 2027, according to ThredUp, up from $177 billion in 2022. and Coach sell “gently used” or “well-loved” products through a variety of resale business models. Well-known brands like Neiman Marcus, Patagonia, REI, Gap, Levi Strauss & Co. Some of these elements include: Exploring resale and rentalīuying used or renting products instead of buying new reduces the materials and resources needed to meet consumer needs. They are developing or improving the elements that define circular retail business models. Retailers are actively engaged in the creation of a more circular economy. It is a system, as defined by the Ellen MacArthur Foundation, “where materials never become waste and nature is regenerated.” In contrast, the circular economy is an economy-wide effort to ensure useful products, materials and resources are reused and recycled. In traditional economic models, raw materials are converted into useful goods that are sold, used and sent to landfills. While only 11% of consumers understand the term “circular economy,” retailers and suppliers are embracing circular thinking and practices to drive profitable, consumer-friendly sustainability solutions. NRF Center for Digital Risk & InnovationĬonsumers want more sustainable products from more sustainable businesses.
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