The retail sector is regarded as a very energy-intensive industry, consuming approximately $21 billion worth of energy annually, making finding ways to trim costs while enhancing the customer experience a constant pursuit. One often overlooked yet highly impactful avenue for achieving this delicate balance is with energy savings.
Behind the scenes, implementing energy efficient measures can open a treasure trove of benefits for retail stores and shopping malls, from financial to operational gains. Some of the benefits include:
- Cost reduction: Retail stores are notorious energy consumers, with lighting, heating, cooling, and electronic devices running around the clock. By adopting energy-conserving practices, retail businesses can substantially slash their utility bills, freeing up funds that can be reinvested in other areas of the business.
- Enhanced profit margins: Energy savings contribute directly to increased profit margins. As energy costs decrease, a larger portion of revenue can be retained, making it possible to weather economic downturns or invest in growth strategies without feeling the financial strain.
- Reduced carbon footprint: By curbing energy consumption, retail commercial properties can play a part in reducing carbon emissions and conserving valuable natural resources. Retail stores that embrace energy savings today position themselves as pioneers in their industry, ensuring long-term viability and adaptability.
- Resilience against energy price volatility: Energy prices can be volatile due to geopolitical and economic factors. Energy efficient practices aid to insulate retail businesses from these fluctuations, offering stability in an unpredictable market.
Based on data from the United States Department of Energy, the retail sector stands out for earning the highest energy expenses among all commercial sectors in the nation. These substantial energy expenditures underscore the considerable potential for retailers to trim their utility expenses and enhance their energy efficiency. A 20% cut in energy costs represents the same bottom-line benefit as a 5% increase in sales. Thankfully, the increasing drive to enhance energy efficiency in retail enterprises has led to an expanding market offering a surplus of choices that retailers can adopt to curtail energy usage within their establishments.
Improved efficiency with submetering
Though traditional energy management methods, such as turning off redundant equipment and following maintenance protocols, remain straightforward and efficient, contemporary energy management applications are in a constant state of development, providing a broader range of functionalities.
Once the decision has been made to incorporate energy saving measures, the next hurdle now becomes finding energy efficiency methods that can be effectively monitored across a large portfolio of shopping malls and retails stores. Luckily, cellular enabled socket submeters provide that capability with accuracy and seamlessness.
Through their wireless nature, these systems autonomously record the energy usage of each tenant, both individually and collectively, for billing purposes. Retail property managers can subsequently utilize this data to oversee accounts, promote energy conservation, and recoup utility expenses. These meters streamline the process of comprehending a building’s utility consumption, enabling the identification of opportunities for enhanced energy conservation. This efficiency opportunity allows retailers to save money on their utility bills, provide a more welcoming environment for customers and ultimately improve their business’ bottom line.
With Canada’s energy consumption being among the highest in the world, the retail industry plays a role in its improvement. By embracing energy efficiency, retailers not only secure their financial future but also demonstrate their commitment to a better world.