As part of its commitment to invest more than $2 billion with Black-owned businesses by the end of 2025, Target Corp. has now more than doubled the Black-owned brands available in its stores and also increased investments in those businesses by more than 50%.
The retailer has launched and completed two classes with its Forward Founders accelerator program, which thus far has supported 30 Black entrepreneurs. Additionally, shifting its marketing media budget has allowed Target to invest four times more with Black-owned media partners and double the number of Black-owned partners since 2020.
“At Target, our commitment to supporting Black-owned companies and advocating for racial equity touches every aspect of our business — including investing in underrepresented entrepreneurs, launching Black-owned brands at Target, working with Black designers and suppliers and increasing visibility through our marketing,” said Christina Hennington, Target EVP and chief growth officer.
Collaborations with Black designers have indeed expanded, through home goods collaborations with Justina Blakeney, Opalhouse designed with Jungalow, and limited-time collaborations with Christian Robinson and Hilton Carter.
“While there’s more to be done, our team has approached this critically important work with passion and conviction, and we are on track to meet the goals we established to advance racial equity through the full impact of our company,” Hennington continued. “We will continue to ensure Black-owned businesses have a seat at the table so that all guests feel welcomed and represented when they shop at Target — and we’ll bring transparency to the progress we’re making to create lasting change for retail and beyond.”
In addition, Target has rolled out a funding program from Roundel, its in-house media company, to use paid media to help increase exposure of diverse-owned brands. The Roundel Media Fund will award more than $25 million in media to diverse-owned and founded brands by the end of 2025.
“The impact that the Roundel Media Fund’s $25 million investment can create is powerful,” said Sarah Travis, president of Roundel. “For example, we tested this opportunity during Black History Month and saw a 40% average sales lift for the more than 20 diverse-owned brands that participated. Ultimately, we strive to be a true partner to BIPOC businesses, and this involves a continued investment to help widen and deepen their capabilities so they can grow and prosper while continuing to connect with the audiences they serve.”
Minneapolis-based Target Corp. is No. 6 on The PG 100, Progressive Grocer’s 2021 list of the top food and consumables retailers in North America, with nearly 2,000 locations.