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Retail

Target to invest 2 billion dollars in Black-owned businesses

By Tess Stenzel

8 Apr 2021

American retailer corporation Target has announced a commitment to spend more than 2 billion dollars in Black-owned businesses by 2025.

Target will add products from more than 500 Black-owned businesses across its multi-category assortment in stores and online, as well as increased spending in Black-owned companies, such as marketing agencies, construction companies, and facilities maintenance services.

In addition, the corporation stated it would establish new resources, such as the Forward Founders program to help Black entrepreneurs grow and successfully scale their businesses in mass retail.

“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,” stated Christina Hennington, executive vice president, and chief growth officer, Target, in a release.

“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 Corporation has more than 1,900 stores in the US.

Image: Target