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Major retailers are working together to find alternatives to single-use plastic bags.
On Tuesday, Target announced that it would join the initiative, called the Consortium to Reinvent the Retail Stock Market, as a founding partner along with CVS Health and Walmart.
Kroger and Walgreens have also joined the group, created by investment firm Closed Loop, according to their website.
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The consortium’s goal is “to identify, test and implement innovative alternative designs for the single-use retail exchange,” according to Target’s announcement.
Group members will collectively invest $ 15 million toward the goal.
“We believe in serving our guests and communities with actions that reduce our footprint on the planet,” said Amanda Nusz, Target’s vice president of corporate responsibility, in a statement. “We are proud to partner with Closed Loop Partners and other leading retailers to take on an industry-wide challenge, and we welcome others to join us in this collective effort as we aim to design a better solution.”
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According to Target’s announcement, the consortium will also open a design contest for the public.
Major retailers are teaming up to find an alternative to single-use plastic bans. (iStock)
“Starting in August, the Consortium will invite all innovators to submit their designs for a new retail bag that is easy to use and environmentally friendly,” the announcement said. “The winning ideas will be tested and possible pilot tests.”
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Earlier this year, many cities and some states were beginning to implement single-use plastic and straw bans.
However, once the coronavirus pandemic hit the US, many jurisdictions lifted those bans for fear that the virus could remain and spread in reusable bags, cups, and straws.
| Heart | Security | Latest | Change | Change% |
|---|---|---|---|---|
| TGT | TARGET CORP. | 120.20 | +0.38 | + 0.32% |
| WMT | WALMART INC. | 132.33 | +0.86 | + 0.65% |
| CVS | CVS HEALTH CORPORATION | 64.52 | +0.61 | + 0.95% |
| KR | KROGER | 34.79 | +0.64 | + 1.87% |
| AMB | WALGREENS BOOTS ALLIANCE INC. | 40.41 | -0.05 | -0.12% |
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