Target Corp. announced a commitment to spend more than $2 billion with Black-owned businesses by the end of 2025, according to a statement the company released Wednesday (April 7).
The Minneapolis-based retailer says it will add products from more than 500 companies owned by Black people and engage with them to add to the customer shopping experience. Also, the company is introducing its “Forward Founders” program, which will bring in more resources to help Black vendors grow and scale their businesses.
"The bold actions we're announcing today reflect Target's ongoing commitment to advance racial equity for the Black community," said Christina Hennington, Target Corp's executive vice president and chief growth officer," said in a statement. 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 company already has programs geared toward helping minority-owned businesses that work with them like Target Accelerators and the Black-Owned Vendor Fair. For example, in the beauty category, there are 50 Black-owned and Black-focused brands that are sold on Target's shelves.
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Executives with Target last year began the company’s Racial Equity Action and Change (REACH) committee, which is comprised of its leadership and aimed at addressing racial inequity and systemic racism. The company also committed to increasing its number of Black employees by 20 percent over the next three years and giving $10 million from Target and Target Foundation toward nonprofits that are focused on racial issues concerning the Black community.
“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 Hennington.
The announcement comes amid a wave of commitments toward the Black community from large corporations as a focusing on the narrative of racism and police violence took center stage through 2020. Last year companies like Sephora, Old Navy, and Macy’s joined the “15 Percent Pledge” initiative in which they and others pledged to commit 15 percent of shelf space to Black-owned companies.