See Target's Progress on Investing $2 Billion in Black-Owned Businesses, Plus a *New* Fund
Target | May 10,2022
Rewind to April 2021: Target just committed to spending $2 billion with Black-owned businesses by 2025. The goal: create more equitable and welcoming experiences for Target's Black guests, and use the full impact of their company’s size, scale and resources to create economic opportunity for Black-owned businesses at Target and beyond. Target pledged to not only grow the number of Black-owned brands available in our stores and online, but also to spend more with Black-owned suppliers and build new resources for Black entrepreneurs. And Target said they'd do it while staying transparent about their progress along the way.
Fast forward to today and Target's on track to meet their goals. Plus, Target is launching a new media fund initiative through their in-house media company, Roundel. (More on that below.) Compared to 2020, they've increased the amount of money spent with Black-owned companies and suppliers by more than 50%, and have doubled the number of Black-owned brands across their assortment to more than 100. And their support extends beyond getting more Black brands on Target shelves: They also launched Forward Founders, Target’s new accelerator program designed to help early-stage Black-owned and diverse businesses increase their potential to be the next wave of wealth-building companies.
Here’s a closer look at what Target's accomplished, plus a peek at what’s next:
As they look to the work ahead, they're proud to introduce a new initiative to take their efforts even further: the Roundel Media Fund. Designed to offset the cost of marketing programs at Target, the new fund will award more than $25 million in media to Black, Indigenous and people of color (BIPOC) brands by 2025. The Fund will allow businesses to tap into paid media through Roundel at a fraction of the cost while receiving the same benefits and reach as a typical marketing program. It’s yet another way Target's amplifying the reach of Black founders and creators in the media industry, as they work toward their commitment to invest 5% of Target’s annual media budget with Black-owned media by the end of 2022.