Target announced today that it is rolling out a number of new initiatives to better support Black-owned businesses. The company says its plans include spending over $2 billion on Black-owned businesses by 2025. As part of this pledge, Target says:
- It will add products from more than 500 Black-owned businesses across its multi-
- It will spend more on Black-owned companies that support Target’s operations—for example, companies that offer construction, facilities maintenance, and marketing services.
- It will launch the Forward Founders program to support Black-owned companies.
Target says its Forward Founders program is designed to help engage Black-owned startups as they are starting out in the retail journey. Specifically, the program will help the startups navigate the ideation, product development, and scaling for mass retail stages. Target says the program can help Black-owned businesses increase the likelihood of success in retail.
Announcing the new initiatives, Christina Hennington, executive vice president and chief growth officer of 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. 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.”