Marketing

Target spending $2B with Black-owned businesses

Photo by istock.com

May 20, 2022

As part of its Racial Equity Action and Change strategy, Target plans to spend more than $2 billion with Black-owned businesses within the next three years and is introducing the Roundel Media Fund which will award more than $25 million in media to diverse-owned and founded brands via its in-house media company by 2025.

The retailer, in 2021, established goals to advance racial equity including a 50%-plus investment with Black-owned businesses, according to a press release.

"At Target, our commitment to supporting Black-owned companies and advocating for racial equity touches every aspect of our business — including investing in underrepresented entrepreneurs, launching Black-owned brands at Target, working with Black designers and suppliers and increasing visibility through our marketing," Christina Hennington, Target executive vice president and chief growth officer, and founding REACH committee member, said in the release.

"While there's more to be done, our team has approached this critically important work with passion and conviction, and we are on track to meet the goals we established to advance racial equity through the full impact of our company. We will continue to ensure Black-owned businesses have a seat at the table so that all guests feel welcomed and represented when they shop at Target — and we'll bring transparency to the progress we're making to create lasting change for retail and beyond."