Revo has created a new social value framework for retail property, intended as a tool to support investment into the sector and improve clarity on measuring socio-economic impact.
The sector-wide guiding principles will standardise reporting of social value and support capital investment into retail property. The Revo Social Value Framework will be adopted by retail property owners, investors, asset managers and local authorities and provides a clear benchmark for how social value should be delivered and measured under two principal areas:
Vibrant Community
Areas of Focus:
- Meaningful community engagement
- Open, healthy and inclusive space
Local Economy
Areas of Focus:
- Supporting local business
- Responsible procurement
- Supporting better employment
- Resilience in the workforce
For each Area of Focus the framework identifies goals in three categories: actions in direct control of property owners; actions that can be achieved in partnership with other organisations; and long-term progressive social value.
The framework also encompasses clear methods for measuring success and charting progress.
The new guidance has been developed in consultation with Revo’s membership and other public and private stakeholders and is aligned with the UN’s Sustainable Development Goals. It will be updated on an annual basis.