Best Buy Commits to Spending $1.2 Billion with BIPOC and Diverse Businesses By 2025
MINNEAPOLIS , June 24 /Businesswire/ - Best Buy is committing to spending at least $1.2 billion with BIPOC and diverse businesses by 2025. This pledge includes plans to increase all forms of spending with Black, Indigenous and people of color (BIPOC) businesses from nearly every corner of the company—from how it brings goods and services to stores to its supply chain to where and how it advertises.
The goal is to create a stronger community of diverse suppliers and to help increase BIPOC representation in the tech industry, who for too long have faced systemic disadvantages such as a lack of access to funding or other resources. In addition to the financial investments, Best Buy will support the growth of these businesses by providing access to its retail capabilities such as supply chain, sourcing and product development. We will also eliminate barriers and create a more seamless path for BIPOC businesses to do business with Best Buy.
“We better serve our customers, employees and communities when there are more diverse voices at the table, businesses we work with and stories being told, and we’re committed to taking the necessary actions to support, grow and reduce the barriers faced by BIPOC entrepreneurs and businesses,” CEO Corie Barry said. “There is more work to do to make the kind of systemic permanent changes necessary to achieve racial and social equity in our company and our communities and we are just getting started.”
As part of today’s commitment, Best Buy is proud to share a new set of goals to achieve by 2025:
Additionally, to increase the number of diverse businesses and suppliers, specifically in the areas of technology innovation and product development, Best Buy will continue to create and build partnerships with historically Black colleges and universities and various community organizations. This includes our earlier commitment of providing $44 million to expand college prep and career opportunities for BIPOC students, which includes scholarships for HBCU students and increasing scholarship funding for Teen Tech Center youth. These innovative partnerships and mentoring opportunities will help create a pipeline of BIPOC professionals and entrepreneurs.
Last June, the company said it would do better and created a racial equity Task Force to drive enterprise-wide change. In December, Best Buy shared actions it is taking to better address underrepresentation, technology inequities and educational and career opportunities for those who need it most. Those commitments focused on hiring BIPOC and women employees, along with creating more opportunities and post-secondary support for youth and emerging talent.
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