Target pledges to spend $2 billion on black-owned businesses
The retailer also committed to adding products from more than 500 Black-owned brands across a variety of categories.
On Wednesday, Target announced a commitment to spend more than $2 billion with Black-owned businesses by the end of 2025.
As part of this pledge, the retailer plans to increase the number of products from Black-owned brands to more than 500 in stores and online across a variety of categories (including building on its existing offering, which includes items from 50 Black-owned and -founded beauty brands).
Target will also increase its spend with more Black-owned companies outside retail parameters, such as Black-owned marketing agencies, construction companies, facilities maintenance providers and more. It also plans to establish new resources for Black business owners, such as "Forward Founders," a support program designed to "engage with Black entrepreneurs early in their startup journey and hep them grow and scale their business in mass retail," per a Target press release. This program builds on the company's existing Target Accelerators program and was co-created with Black entrepreneurs from its advisory council.
"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 release announcing the pledge. "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 for hundreds of new Black-owned companies, who we look forward to doing business with for years to come."
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