News Briefs

Boxed, Inc., an e-commerce grocery platform that sells bulk consumables and licenses its e-commerce software to enterprise retailers, has revealed its stock will be added to the Russell 2000 Index, effective as of market open on June 27.

The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity market. Membership in the Russell 2000 Index, which remains in place until the next reconstitution, is based on membership in the broad market Russell 3000 Index. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12 trillion in assets are benchmarked against Russell's U.S. indexes. Russell indexes are part of FTSE Russell, a global index provider.

Boxed merged with Seven Oaks Acquisition Corp. on Dec. 8, enabling the company to raise approximately $198 million in gross cash proceeds. 

Chieh Huang, co-founder and CEO of New York-based Boxed, commented, “The addition of Boxed to the Russell 2000 Index is indicative of further momentum following our successful business combination in December. We believe being a part of these highly regarded and widely used indexes will bring greater awareness to Boxed as we work to achieve our growth potential.”

Inflation-wary consumers turning to bulk products recently helped propel Boxed to a solid first quarter. Boxed boosted its net revenue by 14.1% compared to a year ago to reach $46.6 million. The platform’s retail net revenue rose 11.3% on a year-over-year basis and net revenue from its software and services arm surged 127.1% in that same period.

With no “big-box” store membership required, Boxed’s bulk pantry consumables delivery service is powered by the company’s own purpose-built storefront, marketplace, analytics, fulfillment, advertising and robotics technologies. Boxed also operates its Software & Services business, which offers customers in need of an enterprise-level e-commerce platform access to its end-to-end technology.

As consumers embark on their personal health and wellness journeys, Natural Grocers by Vitamin Cottage Inc. is rolling out a new promotion to help them literally go on their way. The natural and organic retailer has teamed up with vitamin and mineral company Solaray in a giveaway contest with a customized Bean trailer as a prize.

The teardrop-shaped trailer, which can be easily paired with a small pickup truck or other type of vehicle, is a limited-time Solaray edition that’s valued at $22,300. Shoppers can enter to win by joining Natural Grocers’ free (N)power loyalty program and purchasing any two Solaray products in a single transaction between now and June 30. Loyalty members can also enter to win online.

In tandem with the giveaway, Solaray is offering a new line of High Potency Liposomal Multivitamins at Natural Grocers stores. The supplement uses advanced technology to form a “protective vehicle” around each nutrient for enhanced absorption and gentler digestion.

"All supplements Natural Grocers sells are made by Good Manufacturing Practices-certified manufacturers and approved by our quality assurance team to ensure they meet our unrivaled quality standards," said Heather Isely, EVP at Natural Grocers. "Solaray has been a trusted vendor with us since they were established in 1973. We value the relationship we have with this brand and can't wait to see which Natural Grocers {N}Power member wins this fabulous prize."

It's been a good year so far for Natural Grocers, which recently raised its outlook for the rest of fiscal 2022 and posted a 4.9% gain in net sales during the second quarter. Average comparable-store sales also rose 4.3% over the prior year.

Lakewood, Colo.-based Natural Grocers is No. 95 on The PG 100, Progressive Grocer’s 2022 list of the the top food and consumables retailers in North America. 

Cardenas Markets is widening its presence with the acquisition of six Rio Ranch Market stores in Southern California. The company announced that the locations in the cities of Chino, Banning, Fontana, Perris, Riverside and San Bernadino will be gradually integrated into Cardenas Markets operations, with no immediate changes during a transition period.

Rio Ranch was founded in 1983 and is known for its meat, produce, prepared foods, bakery and homemade tortillas, among other items. The stores also boast in-house cremerias and floral departments.  

For its part, Cardenas Markets has been in growth mode. In a bid to secure more e-commerce business, the independent grocer teamed with Uber Eats earlier this year to offer on-demand and scheduled grocery delivery at all of its stores and partnered with Instacart to offer SNAP/EBT payments via the Instacart website and app. As it expands its leadership roster with recent hires, the Hispanic grocer is also bolstering efficiencies by leveraging technologies, including a solution by WorkJam to equip front-line associates with streamlined communications and interactive task management capabilities.

“Cardenas Markets is stronger than ever, and this acquisition further solidifies the company’s position as one of the leading Hispanic supermarket chains in the country,” remarked Doug Sanders, chairman and CEO of Cardenas Markets. “As we look ahead, we will continue to identify strategic opportunities to grow our business, while providing a fresh and authentic shopping trip for our customers.”

The deal with Rio Ranch Market is expected to close in mid-July.

Ontario, Calif.-based Cardenas operates a total of 52 stores under the Cardenas banner and seven stores under the Cardenas Ranch Markets banner, making it one of the largest Hispanic grocery chains in the country, with stores in California, Nevada and Arizona.

Big Y Foods Inc. is investing millions of dollars in its associates through a pay raise scheme that is set to go into effect June 26. Starting pay rates for all clerks, customer service, fresh food and center store specialists, and assistant department managers will go up, and almost 7,600 members of its workforce will receive a pay increase.

Hourly store operations teams eligible for the raise work in Big Y Markets, as well as Table & Vine and Big Y Express Gas and Convenience Stores. After June 26, all retail Big Y employees will be paid above minimum wage in both Massachusetts and Connecticut. 

“We are proud to be investing in our hard-working store teams who have been on the front lines these past two years to support our customers and our community. We know that household budgets are being squeezed by inflation. We hope that by boosting their hourly rates, we will help them to weather these tough times as we recognize and appreciate their efforts and their loyalty” said Charles L. D’Amour, president and CEO. 

Springfield, Mass.-based Big Y operates 85 locations throughout Massachusetts and Connecticut, including 71 supermarkets, Table & Vine Fine Wines and Liquors, and 13 Big Y Express gas and convenience locations, with almost 12,000 employees. The company is No. 75 on The PG 100, Progressive Grocer’s 2022 list of the top food and consumables retailers in North America.

Seeking to help create sunnier days for children facing health hurdles, Aldi US is launching a summertime campaign supporting Alex’s Lemonade Stand Foundation (ALSF). Beginning June 15, the retailer is offering reusable shopping bags designed by ALSF child artists and selling lemon-themed items such as lemonade drink mixes, ice pops and confections. Proceeds from sales of those items, along with donations by customers and associates, will go to this cause.

This is Aldi’s fourth annual fundraising effort benefiting ALSF, a nonprofit organization founded by pediatric cancer patient Alex Scott, who raised $1 million before passing away at the age of eight. This year, the discount retailer announced a fresh goal to donate $10 million to the foundation by 2027.

“Thanks to your generosity and the contributions of our employees, we have raised more than $3 million for ALSF since 2019,” said Dave Rinaldo, co-president of Aldi US, in a letter to customers.

“All donations will honor Alex’s legacy by funding research for a cure or providing financial support to families who need to travel for treatment,” Rinaldo continued. “As a member of the ALSF advisory council, I’ve seen the empathy and energy with which ALSF works to make a positive difference in the lives of those affected by cancer. It’s an honor to work with ALSF and you to fight this disease. Together, let’s put the squeeze on childhood cancer."

Operating in 38 states, Batavia, Ill.-based Aldi U.S. is No. 24 on The PG 100, Progressive Grocer’s 2022 list of the top food and consumables retailers in North America.

Chicago-based Foxtrot, which bills itself as an upscale, modern convenience retailer offering both in-store discovery and rapid delivery, is positioning itself for further growth by bringing on a seasoned executive as president and CFO. Liz Williams takes on those new roles, in which she will oversee the operations, finance, strategy, real estate, human resources, supply chain and growth functions.

Williams comes to Foxtrot from her most recent position as CEO of Drybar in Irvine, Calif., where she championed an e-commerce re-platform and improved operations while reducing new unit costs. Before that, she spent nine years at Taco Bell, where she served as CFO and president of its international business. Her background also includes a stint as senior director of corporate strategy at Yum! Brands in the Dallas/Ft. Worth area.

According to company information, Williams will leverage her brand and foodservice experience as Foxtrot continues to enhance and evolve its culinary offerings, including the rollout of a new PM Café program and pizza program. She also will implement new inventory and delivery operations to help Foxtrot meet its customers’ needs and its own goals.

The Foxtrot exec will hit the ground running, as the retailer plans to open 50 stores over the next two years, including potential sites in New York, Miami, Nashville and Austin, Texas. Foxtrot currently operates 20 stores, including several locations in its hometown of Chicago in addition to spots in Washington, D.C. area and in Dallas. Earlier this year, the company secured $100 million in Series C funding to help facilitate its nationwide expansion.