MINNEAPOLIS — Target Corp. outlined Wednesday the steps it intends to take to boost racial equity companywide, including the investment of $2 billion in Black-owned businesses by the end of 2025.
“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, Target’s chief growth officer, said in a news release.
The multi-billion dollar initiative includes hiring more Black-owned companies, launching a program to identify and support promising minority entrepreneurs and stocking its shelves and online inventory with products from more than 500 Black-owned brands, CNBC reported.
In addition to diversifying its suppliers, the Minneapolis-based retailer said it will boost partnerships with other Black-owned companies in areas such as marketing, construction and facilities management, the Star Tribune reported.
Target currently carries more than 65 Black-owned brands. It was not immediately known how much the retailer currently spends with Black-owned businesses, but Target has confirmed it increased its business with diverse suppliers by 64% between 2016 and 2018, the newspaper reported.
According to CNBC, Target joins the growing list of retailers – including Walmart, Nike and Ulta Beauty – that have pledged increased support to Black-owned enterprises through initiatives that devote more shelf space to products produced by Black-owned companies, evaluate hiring and promotion practices, feature more Black people in their advertising campaigns and reduce the number of on-site police or security to prevent racial profiling of customers. Meanwhile, numerous retailers – including Macy’s Sephora and Gap – have committed to the “15 Percent Pledge,” intended to align available Black-owned products with the country’s Black population, the network reported.
Meanwhile, Target will also launch “Forward Founders,” a program designed to help Black entrepreneurs grow and scale their businesses for mass retail, the Star Tribune reported.
In 2020, the company also launched a racial equity committee; committed $10 million to nonprofits focused on social justice and community rebuilding; and vowed to increase Black employment by 20% by the end of 2023, the newspaper reported.