Spending Commitments Made by Target
In a recent announcement, Target has committed to spending a whopping $2 billion on Black-owned businesses between now and 2025. This money will be utilized across several different categories, though one of the largest will be adding over 500 Black-owned businesses to the collection of brands that the company carries.
Selected businesses will have their products in Target stores and online. Additionally, the retail company will be providing these businesses with several resources to help scale up production and accommodate the influx in product demand while ensuring they independently grow outside of Target.
Target already carries 50 Black-owned business brands in its beauty section alone, though an additional 500 brands would be a significant increase for the company. Outside of simply bringing in businesses and products to its stores, the company has also planned to increase spending in other ways.
More specifically, Target will also be increasing its spending on Black-owned businesses by using Black-owned marketing agencies, construction companies, facilities maintenance, and others. The company will also be making several other plans to promote the success of Black-owned businesses.
The Forward Founders Program and Other Efforts
Target has also established the Forward Founders program that will work similarly to a business accelerator. The retail company plans to find Black entrepreneurs still in their early stages of business development and provide them with education and resources to expedite product development and progress their move into larger retail spaces. There will also be several educational workshops and access to experts to help with small business expansion.
Alongside these newly announced commitments, Target has several initiatives already in progress to promote diversity and inclusion. One of the largest in this goal is to see over 20% representation of Black Target team members over the next three years. The company has also pledged $10 million to the Target Foundation, which will go directly to nonprofits focused on fighting systemic racism facing Black communities.
When commenting on the recent $2 billion spending pledge, executive vice president and chief growth officer, Christina Hennington 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. 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.”
About the Author
Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.