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Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

Food waste could be profit opportunity

Thursday, February 08, 2018 > 11:24:41
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Canadian Grocer

In ReFED's new Retail Food Waste Action Guide, the U.S. non-profit says food waste could represent an $18.2-billion opportunity for grocers

Food waste doesn’t have to be a waste for grocers, according to recent findings from ReFED.

In its Retail Food Waste Action Guide, the U.S.-based non-profit revealed that tackling food waste may actually represent an $18.2-billion profit opportunity for grocery retailers.

The guide, released in January, was designed to help retailers develop and implement strategies for food waste reduction.

“We’re seeing a major trend of retailers increasing focus on food waste,” says Chris Cochran, executive director of ReFED, in a press release. “What was once seen as a built-in cost of doing business is now viewed as a controllable expense and source of value. ReFED is partnering with retailers to put these waste solutions into action.”

ReFED works directly with food companies, innovators, foundations, investors and policymakers to implement solutions to address the problem of food waste. Its Retail Food Waste Action Guide was created with input from more than 30 contributors, including major retailers such as Target, Walmart and Whole Foods.

The value of wasted food in retail, on average, is equal to roughly double the profits from food sales, according to ReFED’s findings. And prevention solutions such as dynamic pricing and markdowns have the greatest profit potential.

To learn more about ReFED, please visit www.refed.com. To download the Retail Food Waste Action Guide, go to http://www.refed.com/download#retail-guide.


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