The beauty giant has announced the refinement of its new store plans for the remainder of 2020 and the launch into Canada which is set for next year.
Plans are in place to open 30 new stores in fiscal 2020; this figure was previously at 75 before the on-set of Covid-19. While the company had to temporarily pause the opening of new stores in the first quarter because of the virus, openings are set to begin again next month.
The company did not announce its store opening plans for next year, saying only that in the US it anticipates the opening of several new stores. Meanwhile Ulta Beauty did reveal that they will make their entry into Canada in min-2021 with a number of stores.
“We anticipate Covid-19 will influence longer-term market shifts and create new real estate opportunities, supporting our ambition to ultimately operate between 1,500 to 1,700 Ulta Beauty stores in the US,” said Mary Dillon, CEO. “To do so, we are proactively optimising our real estate portfolio and have made strategic decisions to temporarily reduce new store openings and close a limited number of stores this year. Overall, our real estate portfolio generates healthy returns, and this limited and targeted approach to closing stores will position Ulta Beauty for even stronger financial performance in the future.”
