Best Buy Vows to Invest in BIPOC Businesses

Best Buy (Minneapolis) is planning to spend at least $1.2 billion by 2025 with diverse and BIPOC businesses, according to a company press release. This will translate to almost every facet of the company, including its supply chain, how goods and services are delivered to stores and advertising.

The company said its goal is to increase BIPOC representation in the tech industry by way of creating a more diverse supplier base. The retailer also said it will “eliminate barriers and create a more seamless path for BIPOC businesses to do business with Best Buy.”

Best Buy CEO Corie Barry says, “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. We’re committed to taking the necessary actions to support, grow and reduce the barriers faced by BIPOC entrepreneurs and businesses … 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.”

In December 2020, the retailer also pledged $44 million to expand career and college prep opportunities for BIPOC students.