In a move that Albertsons Cos. says “reaffirmed its commitment to diversity, equity and inclusion,” the Boise, Idaho-based grocer has expanded its Supplier Diversity Program as it prepares to host its second virtual summit this spring.
“Albertsons Cos. is dedicated to providing opportunities to diverse suppliers to grow their business and have their products on more shelves,” said Jonathan Mayes, Albertsons Cos. senior vice president, chief diversity and inclusion officer, in a release. “Through this program, we are able to partner with new diverse businesses that also reflect the diverse communities we serve across the nation.”
The company hosted its first virtual event in May 2021 with nearly 1,000 diverse suppliers participating. For 2022, Albertsons will continue its work with Efficient Collaborative Retail Marketing Co., or ECRM, RangeMe and Quantum. RangeMe and ECRM will help identify small, innovative, diverse suppliers. Quantum, an eProcurement and diversity spend management solution, will enhance Albertsons’ ability to identify diverse-owned and -operated suppliers, says the company.
For this year’s summit, Albertsons Cos. sought submissions from suppliers that are over 50% owned and controlled/operated by a U.S. citizen being in one of the following categories or ethnicities: African American, Asian American, Hispanic, Native American, LGBT, service-disabled veteran or female. The deadline for submissions was Feb. 7.
One of the biggest challenges for small businesses is access to working capital, says Albertsons. With this in mind, the company offers an expanded early payment program through its partnership with C2FO, a secure online platform that provides funding to qualified, diverse-owned suppliers at significantly lower rates. By making access to working capital more equitable, diverse-owned businesses can alleviate immediate capital challenges, the company adds.
