MINNEAPOLIS, April 7, 2021 /PRNewswire/ -- Target® Corporation (NYSE:TGT) today announced a commitment to spend more than $2 billion with Black-owned businesses by the end of 2025. Target is pledging to add products across its multi-category assortment from more than 500 Black-owned businesses and engage more Black-owned companies to enhance its retail operations and shopping experience. In addition to spending more with Black-owned companies, Target is introducing new resources to help its Black-owned vendors grow and successfully scale their businesses in 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," said Christina Hennington, executive vice president and chief growth officer, Target. "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."
To further support Black-owned businesses, Target is establishing new resources, including a team that is dedicated to providing vendors with ongoing support and assisting them in growing and successfully scaling their businesses in mass retail. Building off the success of Target Accelerators, a portfolio of programs supporting entrepreneurs to drive innovation and instigate change, the company is introducing a new program called Forward Founders. This program will engage Black entrepreneurs earlier in their startup journey to help them navigate the critical stages of ideation, product development and scaling for mass retail. With increased access to subject matter experts and educational workshops earlier in the startup process, Forward Founders is designed to help Black-owned businesses increase their potential for long-term success in retail.
Today's $2 billion commitment builds upon Target's progress to increase its network of diverse suppliers and accelerates its efforts to support even more Black-owned businesses. Through existing opportunities like Target Accelerators and events like the Black-Owned Business Vendor Fair, Target has brought in diverse businesses who have products ready for sale at retail. In some product categories, like beauty, Target has a strong representation of 50 Black-owned and Black-founded brands, with plans to continue to grow the assortment.
Today's announcement is a part of Target's commitment to social justice and racial equity. Last year, Target established its Racial Equity Action and Change (REACH) committee composed of senior leaders from across the company who represent a diverse range of perspectives and expertise and guide the retailer's efforts to engage in the fight to end systemic racism in the U.S. and drive lasting impact for the Black community. This investment builds upon Target's previous commitments, including increasing Target's representation of Black team members by 20% over the next three years and committing $10 million from Target and the Target Foundation to support nonprofit partners focused on addressing the systemic and structural barriers facing Black communities.
Statements in this release regarding the company's planned spending, merchandise assortment and support resources are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that could cause the company's actions to differ materially. The most important risks and uncertainties are described in Item 1A of the company's Form 10-K for the fiscal year ended Jan. 30, 2021.
Forward-looking statements speak only as of the date they are made, and the company does not undertake any obligation to update any forward-looking statement.
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at more than 1,900 stores and at Target.com. Since 1946, Target has given 5% of its profit to communities, which today equals millions of dollars a week. For the latest store count or more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter.
SOURCE Target Corporation