Dive Brief:
- Amid its store expansion, Tractor Supply is accepting applications for its “Growing Life Out Here” open buying days event, enabling small businesses in rural communities to become store suppliers, the company said in a Monday press release.
- The program is open to individuals and businesses nationwide until Sept. 5. The retailer is seeking products across multiple categories, including lawn and garden, pet and animal, hardware and tool, fencing, shoes, apparel and home decor, per the press release.
- Applicants can present their products to Tractor Supply’s merchandising team, who will determine which small businesses will make the final cut and notify accepted businesses on Nov. 2. The company will evaluate applicants based on criteria such as quality, market fit, innovation and potential impact on rural communities.
Dive Insight:
With its “Growing Life Out Here” initiative, Tractor Supply is among an expanding list of retailers seeking to diversify their supplier pools.
Last month, Walmart began accepting applications from small businesses for its tenth annual Open Call event to pitch their products to sell on its website or in Walmart or Sam’s Club brick-and-mortar stores. In a similar move, Dollar General also opened applications for new suppliers this summer in a bid to diversify its supplier network and plans to hold virtual meetings with businesses between Sept. 25 and Sept. 29.
Target has sought to diversify its suppliers as well, whether through its Target Plus initiative, which selects and sells products from third-party companies on its website, or through programs specifically concentrated on Black-owned businesses. The retailer has a goal of spending more than $2 billion with Black-owned businesses by the end of 2025. In 2021, the retailer co-created a “Bet on Black” competition series, which offered mentorship and $500,000 in funding to 12 Black-owned businesses.
As Tractor Supply seeks new suppliers for its business, the retailer is plotting its store expansion. In its Q2 earnings report in July, Tractor Supply said it aims to open 80 new stores next year and 90 new stores per year starting in 2025. The retailer also reported a 7.2% bump in revenue, but it reduced its revenue guidance for the year.
