Best Buy has committed to spending at least $1.2 billion with Black, Indigenous and people of color (BIPOC) and diverse businesses by 2025. The pledge includes plans to increase all forms of spending across the entire company, from sourcing to supply chain to marketing.
The goal is to create a community of diverse suppliers and increase BIPOC representation across the tech industry in particular. Best Buy also will support these businesses by providing them access to its retail capabilities such as supply chain, sourcing and product development. Examples include:
- Providing advice and product feedback to emerging BIPOC companies similar to the advice and feedback shared with large strategic partners;
- Helping BIPOC businesses deal with sourcing questions, find alternate suppliers for key components and make connections with suppliers; and
- Utilizing its distribution network to help fulfill products or house inventory for BIPOC businesses.
Best Buy will dedicate nearly 10% of its annual media spend to BIPOC media by 2025. Additionally, the retailer will host a media summit for BIPOC and diverse businesses in partnership with Starcom, part of Publicis Media, by spring 2022.
The company also has pledged that a minimum of 30% of its paid advertising will feature BIPOC, LGBTQIA+ and diverse abilities cast members and family structures, as well as a commitment that 25% of production crew members will be women, BIPOC, LGBTQIA+ and of diverse abilities by 2023.
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Additionally, Best Buy will invest in partner organizations such as venture capital firms. The company also plans to partner with historically Black colleges and universities and various community organizations to increase diversity among its suppliers and other retail-adjacent businesses. This includes an earlier commitment of providing $44 million to expand college prep and career opportunities for BIPOC students.
“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,” said Corie Barry, CEO of Best Buy in a statement. “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.”
