Target Commits To Spending Over $2B With Black-Owned Businesses By 2025
Photo Credit: Alexander Suhorucov from Pexels
It’s more than just a fad, Target is on a mission!
According to the PR Newswire, The retail giant has announced its commitment to spend more than $2 billion with Black-owned businesses by 2025.
Target has also committed to adding products across its multi-category assortment from more than 500 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,” said Christina Hennington, executive vice president, and chief growth officer, Target in an official news release. “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.”
To further their support, Target will also establish new resources which include a team dedicated to supporting and assisting vendors with growth and successfully scaling their businesses in mass retail.
After the success of Target Accelerators, a portfolio of programs created to support entrepreneurs and drive innovation and promote change, the company will introduce a new program, Forward Founders.
This program will engage Black entrepreneurs at the beginning of their startup journey which in turn will help them to navigate the critical stages of ideation, product development, and again scaling for mass retail.
Forward Founders is designed to increase Black-owned businesses’ potential to be successful in retail for the long run!
The $2 billion commitment will build on Target’s continued commitment to accelerating its efforts to support even more Black-owned businesses as well as increase its network of diverse suppliers.
Currently, the retail giant is home to 50 Black-founded brands in the beauty product category, and the new initiative aims to grow the assortment.
For more on how to take advantage of Target’s business and partnership opportunities, click here.