Target To Spend More Than $2B At Black-Owned Businesses As 'Commitment To Advance Racial Equity'
NEW YORK (AP/WCCO) — Target will spend a total of more than $2 billion at Black-owned businesses by 2025 as part of its effort to advance racial equity.
That's a significant increase in overall spending on Black-owned businesses, according to Target, though it declined be more specific Wednesday.
The Minneapolis retailer will add a broad spectrum of products from more than 500 Black-owned businesses and will increase its spending at more Black-owned companies, from marketing to construction.
We just announced plans to spend $2 billion+ with Black-owned businesses by 2025 — part of our ongoing commitment to advance racial equity for the Black community. More here: https://t.co/w9d1BomIjv pic.twitter.com/aM8n4vgwuy
— Target News (@TargetNews) April 7, 2021
It will also introduce new resources, like a dedicated team to help Black-owned suppliers scale their businesses to work with mass chains. The Forward Founders program builds off Target's accelerator program that helps entrepreneurs.
Target and other corporations are expanding ties with Black-owned suppliers, rethinking marketing and embracing other initiatives in the aftermath of the death of George Floyd last summer that led to protests nationwide against policy brutality and racial inequity.
The trial of former police officer Derek Chauvin, charged with second-degree murder and third-degree murder in Floyd's death, is underway in Minneapolis.
"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, executive vice president and chief growth officer in a prepared 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."
Target says the investment builds on the company's prior commitment of increasing representation of Black team members by 20% over the next three years.
(© Copyright 2021 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)