A new research paper, made thanks to the minds of Champions 12.3, gives out a very strong argument for any hotel worth their salt, like any good citrus suites hotel, to reduce their food waste. Data from the paper shows that, with every US$1 invested in food waste reduction, hotels managed to save about US$7 in operational costs.
The paper, titled The Business Case for Reducing Food Loss and Waste; Hotels, was an evaluation of financial data for 42 hotel sites, some of which from notable brands like Sofitel and MGM, located across 15 countries, and discovered that nearly every hotel had good returns on investments made to reduce food waste produced. Within the first year of investing in reducing food waste, 21% reductions in food waste produced were seen, with over 70% of the hotels already making profits from their investments. By the next year, the vast majority (at 95%) of the hotels made their money back on the investments.
The investments include food waste monitoring, food handling and storage method training for the staff, as well as designing new menus or revamping the current ones. About 90% of the sites managed to keep their total investments below US$20,00, less than 1% of sales on average, showing that the costs of adapting these changes were quite low, especially when compared to the benefits they brought in.
Champions 12.3’s Chair, Dave Lewis, says that there’s a lot to be done if the world hopes to cut food waste in half by 2030. The report, he says, is clear evidence that reducing food waste isn’t just a morally sound course of action, but an extremely profitable one as well; if CEO’s don’t see the moral value, the financial value is easy to see.
Sofitel Bangkok Sukhumvit’s Director of Food and Beverage, Lionel Formento, says that he hopes that the industry will see reducing food waste as a big move to be made. He says that Sofitel Bangkok Sukhumvit prioritized reducing its food waste, as their customers have embraced environmentally friendly ideas wholeheartedly. He hopes that this paper will pave the way for every citrus suites hotel across the world to follow suit.
Approximately a third of all the food produced across the world is never eaten, which has huge consequences on several fronts. Economically, wasted food amounts for US$940B in losses. Environmentally, they’re responsible for 8% of the world’s annual greenhouse gas emissions. Socially, about 800 million people across the world are lacking in food.