In a move that underscores its dedication to Black entrepreneurs, Target is strengthening its partnership with the Russell Innovation Center for Entrepreneurs (RICE). This collaboration, ongoing since 2020, aims to provide Black small business founders with crucial access, education, and connections to help them grow and succeed in the competitive retail landscape.
Expanding Support for Black-Owned Brands
Through this partnership, Target has been instrumental in bringing innovative products to market and elevating emerging brands. A cornerstone of their collaboration is RICE’s Retail Readiness Academy (RRA), a seven-month program designed to offer tailored strategies and insights for established Black-owned brands. In 2024, Target significantly increased its involvement by doubling the RRA cohort size and providing executive mentorship and exclusive behind-the-scenes store visits.
Beyond the RRA, Target is also contributing to RICE’s Saturday School program, which offers courses to build essential business skills. Target will share its retail expertise on topics like scaling, business fundamentals, and retail readiness through quarterly “Saturday School Takeovers.” Furthermore, the partnership is set to launch a dedicated retail showroom to enhance the visibility of Black-owned brands, revitalizing the on-site RICE Market with engaging pop-ups and seasonal activations.
Navigating Challenges: DEI, Leadership, and Sales
This renewed commitment comes at a critical juncture for Target. The company faced significant backlash earlier this year after withdrawing its diversity, equity, and inclusion (DEI) goals, leading to a consumer boycott. Despite reaffirming its $2 billion commitment to Black-owned businesses, sales have continued to decline, with the company being one of the poorest performers in the S&P 500 this year.
Adding to the transition, Target CEO Brian Cornell announced his departure, effective February 1, 2026. Cornell, who led the company since 2014, will move to executive chairman, while Michael Fiddelke, a 20-year veteran, will take over as CEO. Fiddelke is seen as the leader who can “return Target to growth” and refocus its strategy in the dynamic retail environment.
A Continued Focus on Black Entrepreneurs
Despite the internal and external pressures, Target’s continued investment in initiatives like the RICE partnership signals an ongoing dedication to supporting Black entrepreneurs. Programs like the RRA and Saturday School, along with the enhanced RICE Market, aim to provide tangible support and foster growth for these businesses, demonstrating a commitment that extends beyond public statements.
What are your thoughts on Target’s continued support for Black businesses amidst its recent challenges? Share your perspective in the comments below!