Albertsons Launches Program to Boost Supplier Diversity

In an effort Albertsons Cos. said reaffirms its commitment to racial equity, the Boise, Idaho-based grocer has launched several new vendor partnerships aimed at helping the company boost supplier diversity.

As one of the biggest hurdles for small businesses is access to working capital, Albertsons is launching an expanded early payment program by partnering with C2FO, a secure online platform for working capital. With the goal of helping diverse-owned businesses alleviate immediate capital challenges by making access to working capital more equitable by providing funding to qualified, diverse-owned suppliers at significantly lower rates, the partnership with C2FO will help determine the best time and terms for payments between Albertsons and suppliers.

“Albertsons Cos. is dedicated to helping our communities lay the foundation for racial equity,” said Jonathan Mayes, SVP, chief diversity and inclusion officer, in a statement. “We’re taking these steps as part of our commitment to diversity, equity and inclusion in our company and the businesses we choose to partner with so that we reflect the wonderfully diverse communities we serve.”

“Accelerated payment of receivables is essential for all businesses in need of greater liquidity, but especially for those that may be underrepresented and underfunded in our current financial system,” said Alexander “Sandy” Kemper, founder and CEO of C2FO, in a release. “We want to position these diverse suppliers for long-term success and can start by offering the working capital needed to grow and stay strong in this difficult economic climate. We are honored to join Albertsons Cos. in their ongoing efforts to support the partners and communities it serves.”

Boise, Idaho-based Albertsons also plans to work with ECRM (Efficient Collaborative Retail Marketing Company), RangeMe and Quantum to expand supplier diversity. ECRM and RangeMe 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.

The news of Albertsons supplier diversity efforts comes as ECRM reports a record number of buyers met during its recent Diversity Week, which included programs for diverse- and minority-owned suppliers across food and beverage; general merchandise; and health and beauty care categories. Over 3,800 curated meetings were held on the ECRM Connect platform and included more than 640 buyers and 485 participating brands. ECRM’s programs were launched to introduce retailers like Albertsons to brands that are diversity-qualified or minority-owned.

ECRM and RangeMe together have facilitated the product discovery efforts behind other retailers’ diversity initiatives over the past year, including the launch of inaugural supplier diversity initiatives from both Meijer and Schnuck Markets, and for the second year in a row, a diversity summit with Dollar General.

“One of the key tools we’re using to help us achieve our commitment to supporting more women and diverse-owned business is our partnership with ECRM/RangeMe,” said Mayes of Albertsons. “Our participation in ECRM/RangeMe’s Supplier Diversity week helped us connect with over 130 businesses whose ownership reflects the rich diversity of the communities we serve and who provide products to meet the changing needs of our customers.

“We believe our partnerships with these vendors will give us the tools we need to expand our supplier diversity in all areas of our business,” added Mayes. “We hope it will also make it easier for diverse suppliers to work with us.”

Albertsons Cos.’ Supplier Diversity Program applies to the following groups that are over 50% owned and controlled/operated by a U.S. citizen and one of the following categories or ethnicities: African American; Asian American; Hispanic; lesbian, gay, bisexual and transgender; Native American; service-disabled veteran; and female.