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- The retailer said it will spend more than $2 billion with Black-owned businesses by the end of 2025.
- The company plans to add products from more than 500 Black-owned businesses to its shelves or website over the next several years.
- It will also increase spending with Black-owned marketing agencies, construction companies, facilities maintenance and more.
Target has pledged to spend more than $2 billion with Black-owned businesses by the end of 2025.
The retail giant announced on Wednesday plans to add products from more than 500 Black-owned businesses to its shelves or website over the next several years, and it will also increase spending with Black-owned marketing agencies, construction companies, facilities maintenance and more.
“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,” Christina Hennington, executive vice president and chief growth officer, said in a statement Wednesday.
“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,” Hennington said.
Target is also establishing resources to support Black-owned businesses and help them grow. One program, Forward Founders, will help start-ups led by Black entrepreneurs to develop, test and scale products to sell at large retailers like Target.
The retailer previously pledged to increase representation of Black team members by 20 percent over the next three years and has committed $10 million to support nonprofit organizations “focused on addressing the systemic and structural barriers facing Black communities.”
The move comes as several large corporations have made commitments to help support Black-owned businesses and push for social and economic justice following the death of George Floyd in Minneapolis, where Target’s headquarters are located. The incident prompted widespread protests against racial inequality and police brutality last summer.
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