Retail news that keeps industry pros in the know
Retail Brew delivers the latest retail industry news and insights surrounding marketing, DTC, and e-commerce to keep leaders and decision-makers up to date.
Best Buy plans to invest $1.2 billion through 2025 to diversify its business operations and offer more resources to BIPOC suppliers.
Share the love: The goal is to increase representation across all aspects of Best Buy’s operations—from supply chain to advertising.
- On the latter, “nearly” 10% of Best Buy’s annual media spend will go to BIPOC companies by 2025, and the company aims to feature diverse actors in 30% of its paid ads.
Best Buy will also offer cash and resources to VC firms looking to boost diversity in tech in an effort to combat “systemic disadvantages.”
“We’re at a critical point in our history,” Mark Irvin, Best Buy’s chief inclusion, diversity, and talent officer, said during a keynote at NRF Retail Converge on Monday. “Not too long ago, supply chain management went from infrastructure to strategy. How our customers and employees experience diversity and inclusion has become the same kind of thing.”
The big picture: Companies have made plenty of promises to support BIPOC businesses over the past year. But as we detailed this week, Black founders feel more should be done.
- “There's a lot more action-oriented support that needs to happen to create more accessibility,” Denise Woodard, founder of Partake Foods, told Retail Brew.—KM