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Diversity, Equity & Inclusion | www.opensesame.com | (503) 808-1286 | 2 Adopting a meaningful and successful DEI initiative involves a wholesale culture change within the numerous levels of a business. The sheer volume and variety of retail companies (ranging from independent shops to multinational corporations) and the fluid nature of the industry mean that DEI efforts will need to be adaptive and customizable. For companies that must anticipate trends and consumer behaviors as part of their proactive business plan, this flexibility and openness to the new can be a strong factor in gauging the success of DEI programs. The retail industry is similar in nature to other multidimensional sectors that involve a series of production-to-market steps with scores of ancillary businesses and people involved. Retail, when the term is applied to any one person or company that provides goods and services, is an entire ecosystem of business. In 2018 total monthly retail sales were nearly $457 billion in the United States according to the US Census Bureau. 1 Retail goods can be sold through physical store locations, booths or kiosks, online or by mail and can include grocery, drug, department and convenient stores plus service-related businesses including everything from financial to healthcare companies and beauty salons. The need for robust DEI in the realm of retail cannot be underestimated. Because of the impact retail companies have on our culture and society – in terms of marketing and messaging and the creation of personal value and identity branding – they have a tremendous voice in scripting our collective narrative. It is also a great responsibility; retailers can in part determine the image we want to project as a society and even as a country. Consumers are expecting more from retail companies and are creating the terms of doing business with their purchasing power. The key to achieving DEI success is to take a strategic approach that touches all aspects of the organization's value chain, cultivating a new language for how the company sees itself and performs its mission. From innovation, production, inventory and marketing to the physical or virtual display case everyone must collectively participate in addressing attitudes, ways of thinking, and making a commitment to behavioral change. 1 https://smallbusiness.chron.com/types-businesses-considered-retail-340.html 2 https://www.mckinsey.com/industries/retail/our-insights/retail-speaks-seven-imperatives-for-the-industry Unlike most organizational initiatives, Diversity, Equity & Inclusion programs and processes are fluid, open-ended endeavors that evolve to meet changing needs. There is no one-size- fits-all, especially when applied to an industry as broad and wide-ranging as retail. 30% of respondents stopped using a brand based on its social actions 71% indicated they would lose trust in a brand forever if it placed profits over people. 2

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