Target to spend more than USD2B on Black-owned businesses

NEW YORK (AP) — Target said it will spend a total of more than USD2 billion at Black-owned businesses by 2025 as part of its effort to advance racial equity.

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, from marketing to construction.

It 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 programme builds off Target’s accelerator programme that helps entrepreneurs.

Target and other corporations are expanding ties with Black-owned suppliers, rethinking marketing and embracing other initiatives in the aftermath of the killing of George Floyd last summer that led to protests nationwide against policy brutality and racial inequity.

“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 Executive Vice President and Chief Growth Officer Christina Hennington in a prepared statement.

A customer carries his purchases as he leaves a Target store in the Brooklyn borough of New York. PHOTO: AP