The retailer has committed to investing the amount with “Black, Indigenous and people of color” (BIPOC) and diverse businesses by 2025, Chain Store Age reported. That includes all aspects of Best Buy’s business, including from how it brings goods and services to stores to its supply chain to where and how it advertises.
The investment comes after retailers were negatively impacted by supply chain disruptions accelerated by the COVID-19 pandemic. From shipping delays and overcrowding at ports, the pandemic brought many industry challenges to light, leaving many mass retailers looking for ways to reduce dependency on foreign sources and invest within the communities they serve and operate.
Best Buy aims to roughly 10% of its annual media spend to diverse media by 2025, with 30% of its paid advertising to feature BIPOC, LGBTQ+ and diverse-abilities cast members and family structures over the next two years. The retailer will also support the growth of businesses by affording access to its supply chain, sourcing and product development. Beyond financial investments, Best Buy plans to provide businesses access to its expertise in partner organizations, such as venture capital firms.
“We better serve our customers, employees and communities when there are more diverse voices at the table, businesses we work with and stories being told,” said CEO Corie Barry. “We’re committed to taking the necessary actions to support, grow and reduce the barriers faced by BIPOC entrepreneurs and businesses. There is more work to do to make the kind of systemic permanent changes necessary to achieve racial and social equity in our company and our communities and we are just getting started.”
Best Buy previously committed $44 million to expand college prep and career opportunities for BIPOC students, which includes scholarships for HBCU students and increasing scholarship funding for Teen Tech Center youth.
See the full story at Chain Store Age.