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Target Pledges To Spend More Than $2B With Black-Owned Businesses By 2025
The Minneapolis-based retail giant promises to line shelves with more than 500 Black-owned brands.
Target Corp. has just pledged to spend $2 billion with Black-owned brands over the next four years. The company announced the commitment to further diversify its brand offerings by stocking its shelves with more than 500 Black-owned brands across all categories.
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The move is part of its ongoing efforts to address social justice and racial equity issues. Over the past few years, the Minneapolis-based retailer has worked to expand its suppliers and brands pool, increasing its overall business with diverse suppliers by 64%. This includes a total of 66 Black-owned or founded brands, with more than two-thirds in beauty and healthcare departments, that are currently sold in stores.
“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, Target’s executive vice president and chief growth officer, in a press statement.
“The bold actions we’re announcing today reflect Target’s ongoing commitment to advance racial equity for the Black community,” added Hennington. “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 has also launched new resources, including Forward Founders, to help Black entrepreneurs grow and scale their businesses for mass retail.
Forward Founders is a virtual eight-week program designed for early-stage businesses in beauty and cosmetics, food and beverage, household, baby, over-the-counter (OTC) healthcare, toys and entertainment categories. Selected applicants will receive a $5,000 stipend, learn about retail channel distribution, and get access to Target’s Retail Action Plan to learn how to scale businesses for retail. The application deadline is May 21, 2021.
For info on how to become a supplier, visit Target’s supplier diversity page. For information on Forward Founders, visit Target’s accelerator site.
