ESG Performance Evolution in Retail: A Systematic Review and Meta‐Analysis

Environmental, social, and governance (ESG) practices have transformed from peripheral corporate social responsibility initiatives into core strategic imperatives in retail. Despite growing interest, the literature remains fragmented across disciplines and geographic contexts, with no comprehensive sector‐specific analysis examining the evolution of ESG performance in retail contexts. Following the PRISMA 2020 guidelines, we conducted a systematic review and meta‐analysis of 127 empirical studies published between 1988 and 2024 across major databases. Random‐effects models assessed ESG‐performance relationships, while stakeholder theory, the resource‐based view, and Consumer Behavior frameworks explained the underlying mechanisms through temporal and subsectoral analysis. ESG practices demonstrate significant positive correlations with performance ( r = 0.19), with the relationship strengthening substantially over time, from weak early correlations ( r = 0.12, 1988–2010) to strong contemporary effects ( r = 0.23, 2020–2024). Fashion retail shows the strongest ESG‐consumer connections, and crisis periods amplify ESG value through enhanced consumer trust and loyalty. Cross‐cultural analysis reveals stronger ESG‐performance relationships in Asia‐Pacific and European markets compared to North America. Retailers should prioritize authentic ESG communication strategies aligned with cultural values and consumer expectations. Fashion retailers benefit most from circular economy initiatives, whereas e‐commerce platforms must strike a balance between digital convenience and environmental responsibility. Crisis‐resistant ESG capabilities provide competitive advantages through sustained consumer loyalty and operational resilience.