Target Promises to Spend More Than $2 Billion With Black-Owned Businesses by 2025

Target recently announced its plans to spend more than $2 billion with Black-owned businesses by 2025.

The popular retailer’s goal is to create more equitable experiences for its Black guests and use the company’s size and resources to support Black-owned businesses that extend outside of Target. Executive vice president and chief growth office Christina Hennington says, “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.”

She continues, “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 impressive commitment includes increasing the number of Black-owned products to more than 500 across Target stores and online, spending more with Black-owned companies (including marketing agencies and construction companies), and establishing new resources, like Forward Founders. The program is designed to work with Black entrepreneurs early in their start-up journey and help them grow and scale their businesses in mass retail.

The nonprofit organization 15 Percent Pledge has urged Target to take the pledge of letting its shelves reflect the population of Black people in America. Target hasn’t formally responded to the organization, which wrote on March 3, “Hi, @target.👋🏽It’s been 8 months, and you’ve yet to take the #15PercentPledge and commit 15% of your shelf space to very deserving Black-owned businesses, even though you gain millions of dollars from Black customers DAILY. We’re offering you a simple solution with long-term impact. Take the Pledge TODAY.”

Target released more than 150 beauty products for dark skin in 2018. The company’s also partnered with Black-owned hair-care companies in the past, like TPH by Taraji P. Henson. 

Source link