THE WHAT? Target has announced that it will spend more than US$2 billion with Black-owned businesses by the end of 2025. The US retailer has committed to add products across its multi-category assortment from more than 500 Black-owned companies.
THE DETAILS Target is establishing new resources to further support Black businesses too, including a team that is dedicated to providing vendors with ongoing support and assisting them in growing and scaling their business in mass retail.
The US retailer will usher in a new program, called Forward Founders, also, which is designed to engage Black entrepreneurs earlier in their startup journey.
THE WHY? Christina Hennington, Executive Vice President and Chief Growth Officer, Target, explains, “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. 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.”