The trend: A number of retailers, including Amazon, Nordstrom, and Target, have used Black History Month to highlight their efforts to increase the number of products produced by Black-owned brands and products on their shelves.
More on this: While a significant share of consumers want to buy products produced by Black-owned companies, they often struggle to find those items.
Black-owned brands and products are underrepresented on store shelves, which can make them challenging to find. They accounted for $83 billion in sales in 2020, roughly 1.5% of $5.4 trillion in retail spending.
Understanding the opportunity: A number of retailers have spent the past month spotlighting Black-owned brands and demonstrating how they’re taking steps to address diversity, equity, and inclusion (DEI) issues beyond the month of February.
Potential pitfalls: Authenticity is important to retailers’ initiatives.
The big takeaway: Inclusion is good business, and Black History Month offers retailers an opportunity to highlight the work of Black businesses.