Retail giant to expand beauty business with over 60 new store openings this year

Ulta Beauty, the leading beauty retailer in the United States, has announced ambitious plans to expand its brick-and-mortar presence over the next few years. The expansion plan, unveiled by CEO Kecia Steelman during an investor earnings call in late August, aims to open over 60 new stores this year and target 50 to 56 new stores annually for the next two to three years.

The growth of Ulta Beauty will be carefully managed based on market conditions to ensure a good return on investment. This expansion plan includes the target of 63 net new stores this year, with Space NK stores also featured in the mix. The first 63 additional Ulta Beauty stores in the United States are planned to open starting in 2025, although exact dates for these openings have not yet been specified.

Ulta Beauty's expansion efforts will not be limited to this year. The company is focusing on significant expansion efforts both domestically and internationally during this period.

The announced expansion plan is a sign of growth for Ulta Beauty despite winding down its partnership with Target, which began in 2021 and is set to end in August 2026. Customers can continue to purchase Ulta Beauty products at Target stores and on Target.com until the partnership ends.

One of the most noticeable changes in Ulta Beauty's expansion strategy is the remodeled beauty sections of 600 Target locations across the country. These sections include a 1,000-square-foot Ulta Beauty-branded area for shopping.

Ulta Beauty's expansion plans received a boost in July with the acquisition of the British beauty retailer Space NK. This acquisition is expected to contribute to the company's growth, with Space NK stores being a part of the target of 63 net new stores this year.

As Ulta Beauty continues to expand, it is clear that the company is committed to offering its customers a wide range of beauty products and experiences. The careful management of growth ensures that the company remains a strong player in the beauty retail industry.

Retail giant to expand beauty business with over 60 new store openings this year