Target pledges to spend $2B on products, services from Black-owned businesses
The Spacex Falcon 9 lifts off from launch complex 40 at Cape Canaveral Space Force Station, Fla., on Wednesday.
As part of its racial equity efforts, Target Corp. is pledging to sell products from more than 500 Blackowned brands by the end of 2025.
That goal is part of a new $2 billion commitment the Minneapolis-based retailer is making to spend with Blackowned businesses over five years. The company did not provide specifics on how much it currently spends with these companies, but said the commitment represents a significant increase.
Target currently carries 65-plus Black-owned brands, including several in its beauty department.
In addition to diversifying its suppliers, Target said it will step up partnerships with other Black-owned companies in areas such as marketing, construction and facilities management.
It also will launch a new program called Forward Founders to help Black entrepreneurs grow and scale their businesses for mass retail.
“We have a rich history of working with diverse businesses, but there’s more we can do to spark change across
Target store on Nicollet Mall in downtown Minneapolis. the retail industry, support business with diverse suppliers the Black community and by 64%. ensure Black guests feel welcomed Those efforts received a and represented when heightened focus last year in they shop at Target,” Christina the wake of the killing of George Hennington, Target’s Floyd, which spurred companies chief growth officer, said across not only the Twin in a statement. “The bold Cities, but across the U.S., to actions we’re announcing step up racial equity initiatives. today reflect Target’s ongoing Last year, Target established commitment to advance a racial equity committee racial equity for the made up of senior Black community.” leaders to guide its efforts. It
Target has been working also committed $10 million to diversify its suppliers and to nonprofits focused on social product mix for years through justice and community efforts such as hosting vendor rebuilding. And it vowed to fairs for Black-owned increase its number of Black businesses. Between 2016 employees by 20% over the and 2018, it increased its next three years.