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Target to invest $2 billion in Black-owned businesses

Target announced Wednesday it will invest $2 billion over the next five years with Black-owned businesses.

MINNETONKA, Minn. — Minnesota's hometown mega-retailer has a new sales target, Black-owned businesses.

Target announced Wednesday it will invest $2 billion over the next five years with Black-owned businesses, adding to its ongoing goal to increase the number of Black employees by 20% over three years.

“It will help us create more equitable experiences for our Black guests, and use our company’s size, scale and resources to create economic opportunity for Black-owned businesses that extends outside of Target,” it said on the company’s press release.

The initiative also intends to increase the number of products carried from Black-owned businesses to at least 500, offer more partnerships with black-owned marketing and construction companies and offer support and growth potential for new black entrepreneurs.

Indianapolis native Jasmin Foster, who launched her stationary company Be Rooted last summer, said Target has been integral in getting her company noticed and growing.

“I never really felt like there was representation in that aisle. When you did see people on the covers of journals and stationary, they were always white women. So I really wanted to make a brand that made black girls and women of color feel seen,” said Foster.

Foster started her company in the summer of 2020 (in the midst of the pandemic), pitched it to Target in November and last month her journals and cards went on sale on Target's huge platform.

“I'm so impressed with them doubling down and putting their money where their mouth is and supporting Black-owned brands,” said Foster.

In a press release, Target's Chief Growth Officer Christina Hennington said, "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."

This initiative is the latest in the company’s Racial Equity Action and Change (REACH) committee, which launched in summer of 2020 following the death of George Floyd with a goal of accelerating diversity, inclusion and equity while ending systemic racism.

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