Costco Rival Boxed Could Go Public or Sell Itself, Sources Say
Operating for the past seven years as a privately held online "wholesale retailer," Boxed, frequently described as a Costco Wholesale (NASDAQ: COST) competitor favored by millennials, may be planning to sell itself or go public, according to sources quoted by Reuters. The company, which sells discounted, bulk household items, personal care, groceries, and other product categories without requiring a paid membership, is said to be currently worth somewhere in the ballpark of $1 billion.
Online bulk retailers such as Costco have raked in juicy profits since the start of COVID-19, with Costco posting gains of 8.8% in net sales for July and expected to report positive net sales for August tomorrow. Boxed has similarly profited from people's aversion to shopping in person during the pandemic, with its free memberships rising sharply since the start of March, according to the same sources.
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