Target will spend more than $2 billion at Black-owned businesses by 2025 as part of its effort to advance racial equity. That’s a significant increase in overall spending on Black-owned businesses, according to Target, though the retailer declined to be more specific Wednesday.
The Minneapolis-based company said it will add a broad spectrum of products from more than 500 Black-owned businesses and will increase its spending at more Black-owned vendors for the 1,900-store chain, from marketing to construction.
It will also introduce new resources, like a dedicated team to help Black-owned suppliers scale their businesses to work with mass retail chains. The Forward Founders program builds off Target’s accelerator program that helps entrepreneurs.