US retail stalwart Target announced yesterday (7 April) that it is committed to spend US $ 2 billion with Black-owned firms by 2025.
The retailer has, reportedly, said that it plans to work with 500 companies owned by Blacks to add products across different categories.
Target also said that there are plans to enhance spend with all Black-owned companies in other areas like marketing agencies and construction firms, amongst others.
Notably, besides investments, the retailer also intends to develop new resources and in this regard there are talks of a ‘Forward Founders’ programme to engage with Black-owned start-ups.
Working for the community is not something new for Target, as last year also the retailer had launched Racial Equity Action and Change (REACH) committee with senior leaders within the company to help and guide the retailer in its efforts to end systemic racism.
Speaking about the US $ 2 billion commitment, Christina Hennington, Executive VP and Chief Growth Officer, Target, said that ongoing initiatives symbolise Target’s dedication to advance racial equity and economic opportunity for the Black community.
Target, which is one of the largest US retailers, generated US $ 75.356 billion.