Using corporate social responsibility benchmarking framework to identify and assess corporate social responsibility trends of real estate companies owning and developing shopping centres

Shopping centres that include retail activities have come in for criticism as to their environmental, architectural and social impacts. However, the sector has been applying corporate social responsibility (CSR) practices. In an attempt to identify the best practices regarding CSR and trends therein we developed a CSR benchmarking of companies from the real estate sector owning and developing shopping centres. Based on information from websites, annual, environmental and sustainability reports, and customer services department’s information, in 2004 and 2010, a comparative CSR benchmarking was performed on 23 real estate companies with shopping centres based in Europe, China, Australia and the USA. The CRS benchmarking framework focused on reported CSR practices and included categories and sub-categories of evaluation in four domains: (1) external results, (2) internal results, (3) management processes and (4) learning and innovation. The framework was inspired by the sustainability balanced scorecard structure. The United Kingdom real estate sector’s companies studied did relatively well when evaluated by the framework used in this study. The highest ranked real estate companies applied sustainable or environmental buildings standards and did show a commitment to transparency and CSR disclosure. The positive evolution of CSR practices in the 23 companies studied in 2004 and 2010 may reflect efforts to improve competitiveness and the reputation of the companies with shopping centres through CSR initiatives.