Ahold Banner Stop & Shop Invests in Greater New England Minority Supplier Development Council (GNEMSDC)
BOSTON, MA - An Ahold banner recently revealed a new strategy to show its support for minority-owned businesses, as Stop & Shop Supermarkets has revealed a $55,000 investment in the Greater New England Minority Supplier Development Council (GNEMSDC) to enhance the content and delivery of the council's development program for Black- and other minority-owned businesses.
"Stop & Shop is committed to supporting the communities where our associates and customers work and live," said Stop & Shop President Gordon Reid. "We hope this investment to GNEMSDC serves as a building block for Black-owned businesses, allowing them to grow, develop, and flourish."
The GNEMSDC received $50,000 from Stop & Shop Supermarkets, and another $5,000 from the Stop & Shop NextGen Associate Resource Group, according to the press release.
The council's Development Program focuses directly on companies that certify as minority business enterprises (MBEs), and Stop & Shop's investment will help the program build sustainable businesses with a heavy focus on strategic planning, marketing, operational improvements, and financial management.
"This investment by Stop & Shop and its NextGen Associate Resource Group will allow us to continue to build an even more effective Development Program to make more of New England's minority businesses stronger," said Peter Hurst, President and CEO of GNEMSDC. "Minority business development helps reduce the country's racial wealth gap, and our MBE Development Program will continue to contribute to the health and growth of our current and future MBEs. COVID-19's adverse impact on minority-owned businesses requires a laser-like focus on the levers that drive MBEs' success, including access to contracts with buyers in the private sector and the public sector; access to intellectual capital that allows MBEs' owners to be more effective leaders and managers; and access to financial capital that supports their growth, whether one contract at a time, or through mergers and acquisitions."
Through Stop & Shop's funding, GNEMSDC will be able to expand its Development Program beyond the 250 existing certified MBEs in New England, as well as provide support to Black-owned businesses by integrating them into Stop & Shop's supply chain.
How will this investment and the integration of minority businesses into its supply chain affect the supermarket chain's fresh division moving forward? We at ANUK will report as soon as we find out.