Target is planning to increase spending and add more than 500 products from Black-owned businesses as part of its commitment to support these businesses through a new program, Forward Founders. Specifically, Target aims to spend $2 billion with Black-owned businesses by 2025
Target, which has also become a major retail media player, has also created new resources for Black-owned vendors to scale within 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," Christina Hennington, executive vice president and chief growth officer at Target, said in the announcement.
Target is far from the first major retailer to announce diversity and inclusion initiatives, but many efforts are focused on representation within businesses as part of a greater commitment to social justice and racial equality. Diversification can improve retail operations and the shopping experience, bringing in a wider range of shoppers.
Target’s Forward Founders program also includes a team to assist and support Black-owned vendors, similar to its Target Accelerators program that focuses on entrepreneurs. The difference is with Target’s aim to help Back-owned businesses achieve long-term success, with support from ideation, product development to scaling for mass retail.
Target also already conducts a Black-owned Business Vendor Fair, which has helped bring in diverse products across product categories. The company also already boasts a strong representation of 50 Black-owned and Black-founded brands within its beauty department. Further, Target previously committed to increasing representation of Black team members to 20% over the next three years and $10 million to nonprofits focused on addressing systemic and structural barriers to Black communities.