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."
Forward Founders
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.
To learn more about Target's work with diverse suppliers, or to
explore potential business and partnership opportunities with
Target, interested businesses can visit Target's supplier diversity
page.
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.
Miscellaneous
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.
Additional details on Target's commitment can be found on A
Bullseye View.
About Target
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.
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SOURCE Target Corporation