Target to spend $2 billion with Black-owned businesses by 2025

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Target to spend $2 billion with Black-owned businesses by 2025

Target on Wednesday announced that it will spend more than $ 2 billion with Black-owned businesses by 2025 though collaboration with more Black marketing companies, introducing more Black-owned products to its stores and website and hiring construction companies, suppliers and other Black-owned businesses.

In a press release,[1] the major retailer outlined its plan to join many other companies in supporting Black-owned businesses.

“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,” chief growth officer Christina Hennington said in the release.

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The company stated that it will introduce over 500 Black-owned brands to its shelves as well as make resources available to Black-owned companies to help them grow their businesses and successfully scale them in mass retail through a program called Forward Founders.

“The bold actions we’re announcing today reflect Target’s ongoing commitment to advance racial equity for the Black community,” Hennington said in the release. “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.”

Many retailers including Macy’s, Sephora and others joined the 15 percent pledge in June of last year in the wake of protests connected to the killings of George Floyd and Breonna Taylor. Under that pledge[2], which seems to be separate from Target’s new commitment, retailers said that they would commit a minimum of 15 percent of their shelf space to Black-owned businesses.

[email protected] (Cameron Jenkins)


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