Target promises to buy $2 billion in Black-owned brands by 2025
‘We have a rich history of working with diverse businesses.’
Target vows to support Black-owned businesses by spending more than $2 billion with hundreds of brands by 2025.
The Minneapolis-based company said it aims to advance racial equity by expanding the range of products available at its 1,900 stores across the country. The retail giant will offer products from more than 500 Black-owned vendors, it said in a statement Wednesday. Target will also increase spending at Black-owned marketing agencies and construction firms, Bloomberg reports. Target currently carries more than 65 Black-owned brands.
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“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,” Christina Hennington, Target’s executive vice president and chief growth officer, said in a statement.
The killings of George Floyd, Breonna Taylor, and Ahmaud Arbery prompted major companies like Nike, Walmart and Ulta Beauty to roll out their own racial-equity initiatives to support Black entrepreneurs.
In January, Citi committed to investing $200 million of its own money, not client capital, in brands that have a positive impact on society. theGRIO reported that the company announced a round of investments which brings the number of companies that Citi has supported up to 11.
“In just its first year, the Citi Impact Fund has invested in 11 companies, the majority of which are founded by women, minorities – and in some cases both – that have the potential to make our cities and communities more equitable and sustainable,” Citi’s head of global public affairs, Ed Skyler, said in a statement.
Last summer, following the death of George Floyd in May, Internet searches for Black-owned businesses increased by 1785%. Reviews that mentioned “Black-owned” were also up 426%, theGRIO reported.
According to the quarterly Yelp Local Economic Impact Report, Washington, D.C. had the highest number of Black-owned searches followed by Minnesota, Maryland, Michigan, and Georgia.
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The stunning increase was significant for Black-owned restaurants and bookstores in particular.
Black-owned businesses also saw a boost in sales on Blackout Day. An earlier report published on theGrio noted that July 7 2020 was designated as a day of solidarity in America, where Black people were urged to support Black-owned businesses only.
“This movement is an awakening of the national consciousness of Black people in America and abroad,” the website states. “We need economic solidarity in America amongst all Black people unequivocally.”
According to Hollywood Life, the movement was conceived by Calvin Martyr, founder of the Blackout Coalition. Martyr explained that African-Americans account for $1.2 trillion in economic spending. Blackout Day was meant to demonstrate the economic power that Black people have in America.
Celebrities and athletes including Rihanna, Tristan Thompson and Cardi B took to social media to support the movement and encouraged their massive following to #BuyBlack on Blackout Day.
*theGRIO’s Chinekwu Osakwe contributed to this report.
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