In fact, if retailers are smart enough, incorporating numerous green programs in their projects can get half an entire project paid for through tax incentives alone, said Scott Bearse, a director at Deloitte Consulting.

"The tax opportunities in the short term are unbelievable," he said.

Besides, the cost savings, retailers should be motivated by more scrutiny from government agencies in the future, once they identify how much of an impact retailers can have on the environment, Bearse said.

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