Target (NYSE: TGT) announced it will spend over USD2 Billion on Black-owned businesses by 2025. The retailer is set to onboard more Black-owned businesses, create a program that will seek out and support minority entrepreneurs and add merchandise from over 500 Black-owned labels to its stores and website.
“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.
Hennington added: “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.”
Following several cases of police brutality against people of color as well as the racial disparities witnessed throughout the ongoing pandemic, people are calling for action from corporate America. Throughout the last year, retail giants such as Nike, Walmart and Ulta Beauty have issued pledges towards the cause, like devoting additional shelf space to Black-owned items, assessing their hiring and promotion procedure and including more Black people within their ads.
Target currently has 50 Black-owned and funded brands in its beauty division, however it intends to add more within other categories. The retailer also committed to have Black individual make up 20% of its workforce throughout the next three years.