Target Corp. on Wednesday pledged to boost its dealings with Black-owned suppliers, entrepreneurs and vendors in the coming years, setting a spending goal of $2 billion on Black-owned businesses by the end of 2025.
The Minneapolis-based retailer outlined its plans on its corporate blog, saying it plans to add more than 500 products from Black-owned businesses to its store shelves and increase spending on Black-owned marketing agencies, construction firms and maintenance providers.
The company is also launching a new program called Forward Founders, intended to engage Black entrepreneurs early in their careers to help them scale up their businesses to the point where they can partner with mass-market retailers.
The $2 billion goal set by Target (NYSE: TGT) is an increase from the retailer's current spending on Black-owned businesses, the Associated Press notes, though it's not clear how much.
“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,” says Christina Hennington, executive vice president and chief growth officer.
Target, as well as other big companies, has been scrutinizing its diversity and inclusion efforts since last year, when the death of George Floyd in Minneapolis prompted wide-ranging protests and civil unrest.
The company is also teaming up with Dream Corps, the California-based nonprofit launched by political commentator Van Jones, to form the Target Cohort Partnership, a venture intended to train young Black and Latino people for tech jobs at the company. Target finished its first group of trainees in December, hiring 18 of 19 people in the program, the Star Tribune reports.
