Target said it will spend more than $2 billion on Black-owned businesses by 2025 by adding new brands, hiring Black-owned construction or advertising firms, and launching a new start-up and initiative.
Retailer Target said it will hire more Black-owned companies, launch a program to identify and support minority entrepreneurs, and add products from more than 500 Black-owned brands to its shelves or website by 2025.
The discounter said Wednesday that in total it will spend more than $2 billion with Black-owned businesses by 2025.
“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,” chief growth officer Christina Hennington said in a news release.
Many leading companies have spoken out about diversity and inclusion as consumers direct their dollars toward businesses that align with their values. Research shows that Generation Z—the group of teens and early 20-somethings currently coming of age—care more about social justice compared to their predecessors.
In recent months, major retailers like Nike and Walmart have announced their own pledges, such as devoting more shelf space to Black-owned products and revising how they hire and promote employees. Others, including Macy’s and Gap, have signed on to the 15 Percent Pledge, which aims to make the quantity of Black-owned products available representative of the size of America’s Black population.