Best Buy announced it is committing at least $1.2 billion by 2025 to support BIPOC (black, indigenous, people of color) businesses.
This pledge includes plans to increase BIPOC businesses across functions from how the company brings in goods and services to stores to its supply chain to where and how it advertises.
The goal, according to Best Buy, is to create a stronger community of diverse suppliers and to help increase BIPOC representation in the technology sector , where many have faced disadvantages such as a lack of access to funding and other resources.
Best Buy said it also will support the growth of these businesses by providing access to its retail capabilities and eliminating barriers in creating a more seamless path for BIPOC businesses to do business with Best Buy.
Best Buy a year ago declared that it would establish a racial equity task force to drive enterprise-wide change. In December, Best Buy shared actions it is taking to better address BIPOC underrepresentation, technology inequities and educational and career opportunities. The focus of that initiative is on hiring BIPOC and women employees, Best Buy stated, along with creating more opportunities and post-secondary support for youth and emerging talent.
“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,” Best Buy 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.”
