Target Makes $2 Billion Commitment to Black Owned Businesses
Minnesota based Target Corporation is making a huge commitment to black owned businesses.
By 2025, Target is saying that it will be adding a variety of products from 500 Black-owned businesses. They will also increase their spending with Black-owned companies, like construction companies, facilities maintenance, and marketing and advertising agencies.
Target will also be creating new resources for Black owned business with their Forward Founders program that will provide a team that can help these businesses scale up for mass retail with the goal of making the business a success.
Christina Hennington, Executive Vice President and Chief Growth Officer at Target 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."
Last year, Target formed their Racial Equity Action and Change (REACH) committee from senior leadership to "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."
Target says that they already have strong representation of Black-owned businesses, for instance, they say that in their beauty section they currently work with 50 Black-owned and Black-founded brands.
Target has previously pledged to increase by 20% representation of Black team members over the next three years, and they have also committed $10 million to address systemic and structural barriers facing Black communities.