Target Commits to Spending More Than $2 Billion with Black-Owned Businesses by 2025
Target has announced a commitment to spend more than $2 billion with Black-owned businesses by the end of 2025. The company is pledging to add products from more than 500 Black-owned businesses and engage more Black-owned companies to enhance its retail operations and shopping experience.
“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. “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 support Black-owned businesses, Target is establishing new resources for Black vendors. These resources will include a team that is dedicated to providing vendors with ongoing support and assisting them in growing and successfully scaling their businesses in mass retail.
Building off the success of Target Accelerators, a portfolio of programs supporting entrepreneurs to drive innovation and instigate change, the company is introducing a new program called Forward Founders. This program will engage Black entrepreneurs earlier in their startup journey to help them navigate the critical stages of ideation, product development and scaling for mass retail. With increased access to subject matter experts and educational workshops earlier in the startup process, Forward Founders is designed to help Black-owned businesses increase their potential for long-term success in retail.