“We’ve highlighted a holistic approach to supporting Black businesses, which means we work closely with retailers to identify opportunities, not just expand shelf space and break down barriers that systematically hold back Black entrepreneurs,” LaToya Williams-Belfort, 15 % Commitment’s executive director said in an email.
Mrs. Wilson was one of about 200 entrepreneurs who completed Macy’s workshop, an intensive program started 12 years ago in which underrepresented suppliers learn business skills, such as how to reach investors and evaluate pricing strategies, and how to Head of department for feedback and insight shop.
But Macy’s executives realized that just instilling business lessons wasn’t enough. Many small businesses are razor-thin and employ a dozen people or fewer. Working with a big department store, money is a necessity. To sell with major retailers with hundreds of stores, small businesses often require more labor or equipment to fulfill large orders, and there are costs associated with extensive marketing.
“It gives them a chance to take a breather, which is important for companies that have great ideas but need to take root,” Macy’s CEO Jeff Gennette said in an interview about the new fund said when.
A year and a half ago, when analyzing spreadsheets and data, Macy’s executives determined that something wasn’t adding up. They see some suppliers from underrepresented groups that are well-received by Macy’s merchants and consistently provide great service, but have done less than 1,000 of their business with the department store when they could have done more. Ten thousand U.S. dollars.
For example, Macy’s wants to give a black woman-owned trucking company more business to move goods from distribution centers to stores. Macy’s Chief Financial Officer Adrian Mitchell said the company couldn’t afford the extra business because it couldn’t afford the extra trucks it needed.
“It’s clear that the combination of capital and support is getting in the way,” Mr. Mitchell said.