Last week, officials at Target Corporation announced a commitment to spend more than $2 billion with Black-owned businesses by the end of 2025. In that commitment is a pledge to add products from more than 500 Black-owned businesses and engage more Black-owned companies in its retail operations and on its shelves in the more than 1,844 stores around the country.
The nation’s eighth-largest retailer is also promising to introduce new resources to help its Black-owned vendors grow and successfully scale their businesses in mass retail with the introduction of a program dubbed Forward Founders. 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.
“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.”
The pledge is part of the commitment Target made to social justice and racial equity with its establishment of a Racial Equity Action and Change (REACH) Committee, comprised of senior leaders from across the company who represent a diverse range of perspectives and expertise and guide the retailer’s efforts to engage in the fight to end systemic racism in the U.S. and drive lasting impact for the Black community. The Minneapolis-based firm had previously made a commitment to increase its representation of Black team members by 20% over the next three years.
Through existing opportunities like Target Accelerators and events like the Black-Owned Business Vendor Fair, Target has brought in diverse businesses who have products ready for sale at retail. For more information about Target’s potential business and partnership opportunities or to register your diverse business, visit corporate.target.com