Retail giant Target announced a new supplier diversity commitment, pledging to spend more than $2 billion with Black-owned businesses by the end of 2025. The company stated that it will add products across its multi-category assortment from more than 500 Black-owned businesses and engage more Black-owned companies to enhance its retail operations and shopping experience.
Christina Hennington, Executive Vice President and Chief Growth Officer, Target, said:
“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.”
Target also announced that it is introducing new resources to help its Black-owned vendors grow and successfully scale their businesses in mass retail, including a team dedicated to providing vendors with ongoing support and assisting them in growing and successfully scaling their businesses.
The company is also launching Forward Founders, a new program designed to help Black-owned businesses increase their potential for long-term success in retail, by engaging entrepreneurs earlier in their startup journey to help them navigate the critical stages of ideation, product development and scaling for mass retail, providing access to subject matter experts and educational workshops.
“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.”