MINNEAPOLIS—Target Corp. announced this week its commitment to spend more than $2 billion with Black-owned businesses by the end of 2025 by adding products from more than 500 Black-owned businesses and engaging with more Black-owned companies.
The company is introducing a new program called Forward Founders to engage Black entrepreneurs earlier in their startup journey by helping them with 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 will help Black-owned businesses increase their potential for long-term success in retail.
Target’s $2 billion commitment builds upon its progress to increase its network of diverse suppliers and accelerates its efforts to support more Black-owned businesses. In product categories like beauty, Target has 50 Black-owned and Black-founded brands, with plans to continue to grow the assortment.
“The bold actions we’re announcing today reflect Target’s ongoing commitment to advance racial equity for the Black community,” said Christina Hennington, executive vice president and chief growth officer, Target. “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.”
The Goods Mart
When single-store operator Rachel Krupa of The Goods Mart in New York City performed an audit of the brands in her convenience store in 2020, she discovered that only three of them came from Black-owned businesses. She put out the word to her network that she wanted to find more Black-owned brands to stock. A happy coincidence of that ask: Most of them are also female-owned.
Inside the store Krupa is stocking more Black-owned merchandise, and through her curated Snack Boxes, available on The Goods Mart website, she created a box filled with Black-founded snack brands.
The Goods Mart is among the retailers that have pledged to devote at least 15% of shelf space to products from Black-owned businesses. “Because now more than ever, our dollar counts for something,” Krupa shared in the NACS Ideas 2 Go video, “This Is Our Time to Do More,” adding, “Let’s change society through how we’re shopping, and that is even through the food we buy.”