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Target Leans Into Racial Equity With $2 Billion Commitment
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Target to spend more than $2B in Black-owned businesses by 2025
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MINNEAPOLIS, April 7, 2021 /PRNewswire/ Â Target
® Corporation (NYSE:TGT) today announced a commitment to spend more than $2 billion with Black-owned businesses by the end of 2025. Target is pledging to add products across its multi-category assortment from more than 500 Black-owned businesses and engage more Black-owned companies to enhance its retail operations and shopping experience. In addition to spending more with Black-owned companies, Target is introducing new resources to help its Black-owned vendors 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, 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
Support for Black businesses
Target said it is establishing resources to support Black-owned businesses and help them grow. One of the programs, Forward Founders, will engage Black entrepreneurs earlier in their startup journey to help them navigate the critical stages of ideation, product development and scaling for mass retail.
Through existing programs like Target Accelerators and events like the Black-Owned Business Vendor Fair, Target says it has previously brought in diverse businesses. On its website, Target said between 2016 and 2018, it has increased business with diverse suppliers by 64.4%.
A list of the brands and the products are posted on Target.com on its Black Beyond Measure page under Buy Black. In beauty, Target says it has a strong representation of 50 Black-owned and Black-founded brands, with plans to continue to grow the assortment.
Target to spend $2 billion with Black-owned businesses, pledges to add products from 500 companies by 2025
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