BOXD Boxed Inc

Boxed, Inc. (NYSE: BOXD, BOXD WS), the commerce technology company specializing as both an e-commerce retailer and e-commerce enabler, today announced it is expanding Boxed Market, its rapid delivery of fresh groceries business. Boxed Market has just opened a new fulfillment center in Elmsford, NY, to serve customers in Westchester County.

In December of 2021, Boxed acquired MaxDelivery, one of the first on-demand grocery delivery services to provide New Yorkers a broad assortment of groceries to their door in under one hour. The 18 year-old business, loved by customers because of its “no product substitutions” approach, was rebranded as Boxed Market earlier this year.

The new fulfillment center in Westchester County is larger than the existing Manhattan location, as Boxed Market has been steadily growing its selection and offerings to meet customer demand.

“We are beyond excited to expand our fast fresh grocery delivery beyond Manhattan starting with our Elmsford facility,” said Chris Siragusa, SVP Operations of Boxed Market. “Customers throughout Westchester County will be able to select from over 10 thousand items, knowing the products will arrive fresh in under one hour.”

Since its inception in 2004, Boxed Market has consistently delivered premium quality service to its customers, processing millions of orders to date. Boxed Market differentiates itself from other ultrafast delivery businesses due to its high average order values of approximately $100, helping yield a history of strong unit economics.

Further, all of its employees are full time W-2s, as opposed to 1099 contractors, which allows Boxed Market to offer consistent quality service, driving customer loyalty with approximately 98 percent of orders coming from repeat customers each year.

Boxed Market uses bicycle couriers to deliver orders in Manhattan, and will utilize bikes in Brooklyn as well, while deliveries will be made by car out of the Elmsford facility. Like Manhattan, customers in both of the new locations will receive their items in under 60 minutes.

“The fast delivery market in New York City has been under tremendous pressure in 2022, but Boxed Market, under Chris’ leadership, has developed a highly successful formula in Manhattan. We are very excited to replicate that winning formula first in Westchester, followed quickly by Brooklyn, and we are evaluating additional neighborhoods for consideration in 2023,” said Alison Weick, President of eCommerce at Boxed.

Boxed Market plans to launch its new Brooklyn location on November 1st. All new warehouses will have a limited walk-in, with customers having an area where they can “click and collect” their order, or have the order put together for them.

There will also be some limited selection for "Grab and Go" items, if customers just need to pick up something quickly. In 2023, Boxed Market is planning for some stores to allow customers to shop alongside Boxed Market’s personal shoppers.

About Boxed

Boxed is an e-commerce retailer and an e-commerce enabler. The Company operates an e-commerce retail service that provides bulk pantry consumables to businesses and household customers, without the requirement of a “big-box” store membership. This service is powered by the Company’s own purpose-built storefront, marketplace, analytics, fulfillment, advertising, and robotics technologies. Boxed further enables e-commerce through its Software & Services Spresso business, which offers customers in need of an enterprise-level e-commerce platform access to its end-to-end technology. The Company aspires to make a positive social impact with an emphasis on good Environmental, Social and Governance (“ESG”) practices, and as such, has developed a powerful, unique brand, known for doing right by its customers, employees and society. For more information, please visit investors.boxed.com.

Media ContactDavid TaftBoxeddave@boxed.com

Investor ContactChris MandevilleICRBoxedIR@icrinc.com