MINNEAPOLIS — Target will spend more than $2 billion at Black-owned businesses by 2025 as part of its effort to advance racial equity.
That’s a significant increase in overall spending on Black-owned businesses, according to Target, though it declined be more specific Wednesday.
The Minneapolis retailer will add a broad spectrum of products from more than 500 Black-owned businesses and will increase its spending at more Black-owned companies, in areas ranging from marketing to construction.
"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,” said Christina Hennington, executive vice president and chief growth officer, Target. “The bold actions we’re announcing today reflect Target’s ongoing commitment to advance racial equity for the Black community."
Target says the company will also introduce new resources, like a dedicated team to help Black-owned suppliers scale their businesses to work with mass chains. The Forward Founders program builds off Target’s accelerator program that helps entrepreneurs.
In 2020 Target established its Racial Equity Action and Change (REACH) committee, composed of senior leaders from across the company who represent a diverse range of perspectives and expertise, to help guide the retailer's efforts and engage in the fight to end systemic racism in the U.S. while making a lasting impact in the Black community.