In an effort to support diversity and change in the retail industry, Target has committed to spending more than $2 billion with Black-owned businesses by the end of 2025. The retailer also is pledging to add products across its multi-category assortment from more than 500 Black-owned businesses, and to engage more Black-owned companies to enhance its retail operations and shopping experience. The retailer also is introducing new resources to help its Black-owned vendors grow and successfully scale their businesses in mass retail.
“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 Christina Hennington, EVP and Chief Growth Officer of Target in a statement. “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.”
Forward Founders Program to Engage Black Entrepreneurs
Building off the success of Target Accelerators, a portfolio of programs supporting entrepreneurs, driving innovation and instigating change, the company is introducing a new program called Forward Founders. The initiative will engage Black entrepreneurs earlier in their startup journey to help them navigate the critical stages of ideation, product development and scaling for mass retail. With increased access to subject matter experts and educational workshops earlier in the startup process, Forward Founders is designed to help Black-owned businesses increase their potential for long-term success in retail.
Through existing opportunities like Target Accelerators and events like the Black-Owned Business Vendor Fair, Target has brought in diverse businesses that have products ready for sale at retail. In some product categories, such as beauty, Target has a strong representation of 50 Black-owned and Black-founded brands, with plans to continue to grow the assortment, the company said.
A Commitment to Social Justice and Racial Equity
This latest announcement is a part of Target’s commitment to social justice and racial equity. Last year, the company established its Racial Equity Action and Change (REACH) committee, composed of senior leaders from across the company who represent a diverse range of perspectives and expertise. The group will guide the retailer’s efforts to engage in the fight to end systemic racism in the U.S. and drive lasting impact for the Black community. This investment builds upon Target’s previous commitments, including increasing its representation of Black team members by 20% over the next three years, and committing $10 million from Target and the Target Foundation to support nonprofit partners focused on addressing the systemic and structural barriers facing Black communities.