Beauty purveyor Ulta Beauty Inc. will “proactively” close some of its locations, including one in Vineland. It will also open 30 new locations nationwide in 2020, including one each in Paramus, Tom’s River, East Rutherford, Chester and Wayne.
The beauty retailer said it paused store openings in Q1 due to COVID-19. – MICHAEL RIVERA / CC BY-SA (HTTPS://CREATIVECOMMONS.ORG/LICENSES/BY-SA/4.0)
“Our differentiated operating model, strong brand, dedicated associates, and engaging guest experiences continue to reinforce our optimism in long-term opportunities to increase market share and expand our retail footprint over time,” said Chief Executive Officer Mary Dillon in a prepared statement. “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 U.S.
“To do so, we are proactively optimizing our real estate portfolio and have made strategic decisions to temporarily reduce new store openings and close a limited number of stores this year,” Dillon said. “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.”
New store openings were temporarily paused in the first quarter due to COVID-19, but openings are expected to resume in August 2020. Closures of 19 stores nationwide, including Vineland, will occur in the second and third quarter of 2020.
A spokesperson told NJBIZ that the company plans to share further details on timing and specific locations as the grand opening dates approach.
