The programme aims to discover, support and allow diversely-owned suppliers to expand their business with Albertsons and its stores, of which there are more than 2,000 in the US.
Under Albertsons’ definition, diversely-owned suppliers include small and mid-size businesses that are at least 51% owned, controlled and operated by women, Black and indigenous people, people of colour, LGBTQ+, veterans or those with disabilities.
The goal is to find suppliers who can offer products that appeal to the varied preferences of Albertsons’ diverse customer base.
The Supplier Diversity Program also works with business owners to overcome challenges and barriers including access to working capital. For many small and medium-sized businesses, obtaining working capital is critical to growing their operations.
Albertsons has an ongoing partnership with financial tech company C2FO for diversely-owned brands to receive early payment terms on approved invoices, unlocking fast and flexible access to low-cost capital.
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In 2023, almost 500 businesses submitted applications for the Supplier Diversity Program and more than 60 brands were selected to meet the Albertsons merchandising team. As a result, six diversely-owned brands were added to the more than 200 certified diverse suppliers already selling their products nationwide at Albertsons stores.
For the third quarter of the financial year 2023, Albertsons reported a dip in net income, citing a challenging economic backdrop.