The retail industry is the country’s largest private sector employer, supporting 42 million jobs and adding $2.6 trillion to the national economy, according to the National Retail Federation. It therefore stands to reason that women, who account for more than 50 percent of the U.S. population, would hold a significant percentage of the top-level jobs within the retail industry. They don’t … although there’s a movement in the works to see that they begin to.

Last week, Jerry Stritzke, CEO and president of REI, was joined by 13 other CEOs in signing a pledge to accelerate women’s leadership in their companies. In addition to Stritzke, CEOs from brands including Active Interest Media, Advanced Sports–Fuji Bikes, American Alpine Club, Backcountry, Burton Snowboards, CamelBak, The North Face, NPD Group, Outdoor Research, Patagonia, REI, SmartWool, W.L. Gore & Associates, and Wolverine Worldwide signed the pledge. The Outdoor Industries Women’s Coalition (OIWC) created the pledge.

For REI, signing this pledge is only part of its solution to the lack of women in leadership positions in the retail industry. The retailer of outdoor recreation gear and apparel is putting its money where its mouth is (or in this case its signature). The REI Foundation is awarding the OIWC a Mary Anderson Legacy Grant of $1.5 million to fund this effort. Mary and Lloyd Anderson co-founded REI in 1938.

“Change starts at the top, and coming together like we have is a testament to the strength of our shared values,” Stritzke said in an OIWC press release. “I encourage other leaders in our industry to join in this commitment. This work will change the nature of innovation and leadership in our industry.”

The $1.5 million grant will be spent primarily in three ways:

  1. Building programs and services for the industry: OIWC plans to offer valuable research, tools, best practices and resources to help better serve women leaders and those striving to reach those positions.
  2. Offering match funding: REI will match up to $500,000 for new companies that join OIWC’s member network or those current members that elevate their level of membership.
  3. Creating new opportunities for entrepreneurial women: A new initiative to jump-start creativity and entrepreneurism among women. Participants will have an opportunity to pitch ideas in live advisory sessions with senior outdoor retail industry executives twice annually. Ideas put forward can be for new products or services as well as how to change the industry. This initiative dovetails with a mentoring program that will be run in parallel.

“We’ll be stronger and more innovative as an industry if we build an environment where great ideas born from a diversity of experiences thrive,” said Deanne Buck, executive director of the OIWC, in the organization’s press release. Furthermore, as Buck noted, companies with more women leaders are likely to realize financial success.