Marketing

Target to spend $2B-plus with Black-owned companies

Photo by istock.com

April 13, 2021

Target is pledging to spend at least $2 billion with Black-owned companies within the next four years and add more products from such retailers.

It's also promising to provide resources to Black-owned retailers when it comes to developing product for Target, according to a Target blog post.

Specifically Target plans to do the following:

• Increase the number of products from Black-owned businesses to more than 500 across stores and online.
• Spend more with Black-owned companies including marketing agencies, construction companies, facilities maintenance providers and others.
• Establish resources, including Forward Founders, a program designed to engage with Black entrepreneurs early in their startup journey and help them grow and scale their businesses in mass retail. Forward Founders was built on the success of our Target Accelerators program and 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," Christina Hennington, executive vice president and chief growth officer, said in the blog post. "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."