Target to spend over $2 billion on Black-owned businesses
Target announced on Wednesday a commitment to spend more than $2 billion with Black-owned businesses by the end of 2025.
As part of its commitment, the retail giant said it will add products from more than 500 Black-owned businesses across its multi-category assortment and engage more Black-owned companies to enhance its retail operations and shopping experience.
It will also introduce new resources like a dedicated team to help its Black-owned vendors scale their businesses, as well as the Forward Founders program, which builds off the success of Target Accelerators. This program will engage Black entrepreneurs earlier in their startup journey to help them navigate the critical stages of ideation, product development and scaling for mass retail.
“We have a rich history of working with diverse businesses, but there’s more we can do to spark change across the retail industry, support the Black community and ensure Black guests feel welcomed and represented when they shop at Target,” said Christina Hennington, executive vice president and chief growth officer, Target, in a news statement.
“The bold actions we’re announcing today reflect Target’s ongoing commitment to advance racial equity for the Black community. They also represent significant economic opportunity for hundreds of new Black-owned companies, who we look forward to doing business with for years to come.”
Target is one of many retailers deepening its commitment to diversity and the Black community, in the aftermath of the death of George Floyd last summer. In fact, a number of brands including Sephora, Rent the Runway and Heyday Skincare, among others joined The 15 Percent Pledge, which is a commitment to dedicate 15 percent of its shelf space to Black-owned companies.
Previously, Target introduced Target Accelerators and events like the Black-Owned Business Vendor Fair, to support diverse businesses who have products ready for sale at retail.
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