black…MYstory

One things I’ve always noticed about dolls or action figures that are supposed to be minority characters is that they always looked like the white dolls dipped in whatever color they wanted to use. So, needless to say, authenticity was lacking.

Now, KMart is recognizing the power of the minority dollar and will be offering multicultural dolls in each of it 1400 stores.

When the rollout is completed next week, Kmart stores will sell nearly four dozen types of ethnic dolls — a nearly fourfold increase from what’s currently available. The dolls are flanked by an advertising campaign in the store’s circulars and designed to appeal to black, Hispanic and Asian parents.

So, what is the real financial benefit of catering to these markets?

Becoming relevant to minority shoppers can reap big benefits. About one in three Americans is a minority, according to the U.S. Census Bureau. Between 2006 and 2011, the spending power of the country’s blacks, Asians, Native Americans and multiracial shoppers is expected to grow 38 percent, to $1.9 trillion. Meanwhile Hispanic buying power alone is projected to grow a formidable 48 percent, to almost $1.2 trillion, according to data from The University of Georgia’s Selig Center for Economic Growth.

Like I’ve said before, Wall Street needs to get on the stick. The minority dollar is out there for the businesses that can truly cater to these markets.

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