Loop launches circular economy shopping system in the U.S.
2019-07-12 09:38 Friday
Venture capital firm Loop held a media event at the offices of the World Economic Forum (WEF) in New York on May 21, to formally announce its launch of the Loop circular economy shopping platform in five states across the U.S.
The Loop platform concept was first unveiled at the WEF in January. It provides customers with customized, brand-specific durable packaging that is delivered in specially-designed reusable carrier bags.
When a product is finished, the packaging is collected, cleaned, refilled and reused - creating a revolutionary, closed-loop circular economy system for shoppers.
The system will initially be available in New York, New Jersey, Pennsylvania, Maryland, and Washington, D.C.
Jessica Adelman, Group Vice President of Corporate Affairs at Kroger, said, "Kroger is committed to embracing innovation in our Zero Hunger, Zero Waste program, which is completely consistent with Loop's mission to create a convenient circular packaging solution for consumers.
“We believe that giving consumers sustainable packaging options can make them feel good.”
As Loop's exclusive grocery retail partner in the States, Kroger is taking another big step toward a zero-waste world.
In the future, Loop hopes to make its products available to more consumers online or at Kroger and Walgreens offline stores. Lauren Brindley, Vice President of Beauty and Personal Care at the Walgreens Group, said: 'Walgreens is excited about this opportunity to help consumers buy sustainably packaged products and contribute to the planet.'
She also said that innovative collaboration with partners like Loop is crucial to addressing the complex problem of reducing the use of single-use plastics. "Our customers expect us to innovate so we can reduce waste and increase reuse."
The WEF is setting up a collaboration center to help stakeholders accelerate and expand innovative recycling efforts, such as circular economy system that focus on disposing of single-use waste.
"Loop was designed to revolutionize the way we consume by using the benefits of e-commerce," said Tom Szaky, Founder and CEO of Loop and TerraCycle.
In addition, Loop announced a real estate partnership with developer Brookfield Properties that will, for the first time, benefit Brookfield employees and nearby residents via the shopping platform.