After debuting 610 in-store shops over the course of its five-year-old Target partnership, Ulta Beauty is putting the brakes on new openings.
With an original goal of reaching 800 Ulta Beauty at Target locations, CEO Kecia Steelman told the crowd at J.P. Morganâs 2025 Apr. 3 Retail Round Up Conference that the beauty retailer has âtaken a little bit of a pause in opening more storesâ at Target.
âUlta Beauty at Target continues to be a meaningful way we meet guests where they are, offering convenient access to the best in beauty and wellness. We remain focused on working with our partners at Target to optimize the experience in our more than 600 existing shop-in-shop locations and identify the most strategic opportunities for future growth,â an Ulta Beauty representative shared with The Business of Beauty via email.
âWe havenât announced what weâre going to do past 2025,â said Steelman at the investor event, noting that 101 locations were added in 2024.
Analysts have described potential issues with âcannibalisationâ of Ulta Beautyâs business at strip malls containing both standalone Ulta Beauty stores and Target shop-in-shops. The retailer has faced additional pressures from the competition of new Sephora openings in Kohlâs stores.
For 2025, Ulta Beauty is âfocused on improving and leveraging the learnings that weâve had already,â with its Target locations, said Steelman.
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