An analysis of UK retailers’ initiatives towards circular economy transition and policy-driven directions

Circular economy is a widely discussed topic in the field of industrial renovation and environmentally responsive economies. The current economic and industrial model which is termed as the produce-use-dispose model is a linear model in which the resource is lost forever after utilization. In addition to the economic impact, disposal of the waste products creates an immense pressure on the environment. For this reason, scholars are trying to find an effective solution to this problem by ensuring the re-use of the resources that are used. The concept of the circular economy ensures the re-cycling and re-use of the resources and closes the resource loop. The circular economy challenges the produce-use-dispose concept and focuses on the re-use of resources. In a world of scarce resources, policies to recycle and re-use resources increase opportunities for economic growth. Scholars are increasingly researching the concept of a circular economy to improve efficiencies and improve industrial ecology. This study considers these ideas and identifies the opportunities and barriers of the circular economy transition. To achieve the goals of the study the researchers reviewed 10 UK leading retailers and after the analysis, has found that environmental awareness, stakeholder pressure and government rules and regulations have driven retailers to embrace the circular business model in their operations.