Retail giant Target announced Tuesday its pledge to spend more than $ 2 billion on black-owned businesses by the end of 2025.
Target is committed to bringing products from more than 500 black-owned companies to its shelves and engaging more black retail companies to improve retail operations and the shopping experience. Target will also introduce new resources to support the growth of its black-owned resources and successfully scale their businesses.
These resources include a new team dedicated to assisting and assisting vendors to help black-owned companies grow their brands in mass retail. This is part of a new program from Target called Forward Founders.
The Forward Founders program will involve black entrepreneurs early on in their startup journeys to guide them through the critical stages of business, including brainstorming, product development, and when to grow the business.
“We have a long history of working with various companies, but there is more we can do to trigger changes in retail, support the black community and ensure that black guests feel welcome and represented when they shop at Target,” Christina Hennington, Executive Vice President and Chief Growth Officer at Target said in a press release. “The bold actions we are announcing today reflect Target’s continued commitment to promoting racial justice for the black community. They also represent a significant economic opportunity for hundreds of new black-owned companies that we look forward to doing business with in the years to come. “
Target’s commitment builds on the retail giant’s advances in expanding its network of diverse suppliers and reinforcing its efforts to support more black-owned companies that have retail products for sale.
Last summer, amid the revived Black Lives Matter movement following the deaths of George Floyd and Breonna Taylor, Target unveiled a badge that allows customers to identify black-owned products and brands. She also pledged to increase black employment by 20% by 2023.