Target plans to spend more than $2 billion on Black-owned businesses by 2025 as part of its effort to battle racial inequity.
This new investment will create additional shelf space for over 500 black owned brands. The company will increase its spending on black-owned construction companies and marketing firms. The Minneapolis retailer plans to launch a new program “Forward Founders” to assist minority entrepreneurs with business development and getting products into big box chain stores.
“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,” chief growth officer Christina Hennington said in a news release.
The killings of George Floyd, Breonna Taylor, and Ahmaud Arbery sparked protests across the nation, putting pressure on corporations to focus more on diversity and inclusion. Floyd was killed in Target’s hometown of Minneapolis, currently the site of the murder trial for the police officer who kneeled on Floyd’s neck. One Target store, located near the site of Floyd’s death, was vandalized during the riots causing the company to rebuild, while other target stores located in other states were also the target for rioters.
“The bold actions we’re announcing today reflect Target’s ongoing commitment to advance racial equity for the Black community,” Hennington said. “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.”