Target says it will spend more than $ 2 billion on black-owned businesses by 2025

Image source: Instagram @TeamTarget

Target Corporation (NYSE: target) Added products from more than 500 black-owned brands announced on Wednesday, spending more on black-owned companies such as marketing and construction companies, and launching support and mentoring programs for black-owned companies. I will.

Minneapolis-based roadside retail chains haven’t identified current overall spending on black-owned businesses, but said they plan to increase that number and spend more than $ 2 billion by 2025. I did.

so Press releaseChristina Hennington, Target’s Chief Growth Officer, said: At the target. “

These changes include the addition of a wide range of products from more than 500 black-owned companies and increased spending at more black-owned companies such as marketing agencies, construction companies and facility maintenance companies.

The chain also states that it will introduce new resources such as a dedicated team to help black-owned companies grow their companies to work with larger chains. This is an effort to build Target’s existing Forward Founders program to help entrepreneurs.

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“The bold actions we announce today reflect Target’s ongoing commitment to promoting racial equality in the black community, and we look forward to doing business for hundreds of new black-owned companies. It’s also an important financial opportunity for us for years to come. “

Wednesday’s announcement by Target Pledge Increase the number of black employees by 20% over the next three years.The chain and its foundation Involved Donate $ 10 million to a non-profit organization focused on addressing the barriers of the black community.

For the past year, Nike Inc (NYSE: NKE), Walmart Inc (NYSE: WMT) And Ulta Beauty Inc (Nasdaq: ULTA) Original announcement PledgeGive more shelving space to black-owned products, evaluate how recruitment and promotion takes place, put more blacks in your ads, and more.

More than 20 retailers, including Sephora, Macy’s and The Gap, 15% pledgeWe strive to make the number of black-owned products on store shelves proportional to the country’s black population.


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