Since 2020, Target has partnered with the Russell Innovation Center for Entrepreneurs (RICE) to support Black small business founders with the access, education, and connections needed to grow and thrive, Target shared in a news release on Monday, Oct. 20, 2025.

Through this collaboration, Target has helped bring innovative products to market, elevate emerging brands, and equip entrepreneurs with the tools to succeed in the competitive mass retail space.

RICE’s Retail Readiness Academy (RRA), a seven-month program that provides tailored strategies, insights, and retail connections to accelerate the growth of established Black-owned brands, is a key part of this effort.

In 2024, Target doubled the size of the RRA cohort and deepened its involvement with RICE through executive mentorship and behind-the-scenes store visits to inspire entrepreneurs.

A long-time supporter of historically Black college and university (HBCU) students and alumni, Target also launched “HBCU, Always,” — a docu-style series highlighting lifelong campus connections and welcoming passionate graduates into a broader support network, the news release notes.

As part of the initiative, select entrepreneurs receive a two-year RICE stakeholder membership, which provides the resources, education, and community needed to elevate their businesses.

For entrepreneurs at every stage, RICE also hosts a Saturday School program, offering various courses to build essential business skills. Through quarterly Saturday School Takeovers, Target will contribute to this effort by sharing retail expertise on topics including scaling, business fundamentals, and retail readiness.

Looking ahead, Target and RICE will also launch a dedicated retail showroom to boost visibility for Black-owned brands, the news release states. As part of this expanded partnership, Target is helping revitalize the RICE Market — an on-site retail space showcasing products from RICE-supported entrepreneurs — with a fresh look, engaging pop-ups, and seasonal activations designed to drive visibility, community engagement, and sales.

Target Faces Swift Financial Backlash After Withdrawing DEI Efforts

It’s important to note that this commitment comes at a challenging time for the retailer.

In January 2025, Target withdrew its three-year diversity, equity, and inclusion (DEI) goals, sparking swift backlash and a 40-day consumer boycott led by Rev. Jamal Bryant. The boycott was later extended despite the company reaffirming its $2 billion commitment to Black-owned businesses “through products, services, and Black media buys,” as previously reported by AFROTECH™.

In the third quarter of its fiscal year, which began in August, Target continues to see declining sales. As AFROTECH™ previously reported, its stock has dropped 10% in pre-market trading and remains one of the poorest performers in the S&P 500 this year.

Target CEO Steps Down

On Aug. 20, 2025, it was announced that Target CEO Brian Cornell will step down. According to AFROTECH™, Cornell took over in August 2014 and was tasked with remodeling stores and strengthening the company’s online presence to better compete with Amazon.

Target has also faced growing pressure from competitors like Walmart and Costco, and has struggled in recent years — especially in categories like home goods and apparel, notes CNN.

Michael Fiddelke, a 20-year Target veteran employee who began as an intern and most recently served as COO, has been named CEO. CNN notes that Fiddelke was selected from a “strong list of external and internal candidates” and described by Cornell as the “right candidate to lead our business back to growth,” CNN reports.

Cornell will transition to the role of executive chairman, while Fiddelke will officially take over as CEO on Feb. 1, 2026.

“It is clear that Michael is the right leader to return Target to growth, refocus and accelerate the company’s strategy, and reestablish Target’s position as a leader in the highly dynamic and fast-moving retail environment,” Christine Leahy, lead independent director of Target’s Board of Directors, said in a statement.

“Michael’s tenure gives him unmatched enterprise insight and a base of strong team trust,” she continued. “But what sets him apart is how he combines those strengths with a ‘fresh eyes’ mindset, challenging the status quo to evolve how the business operates, differentiates, and delivers long-term value,” she added.