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Despite massive closures taking place in the retail industry—from department stores such as Macy’s and Sears to brands like Aeropostale—Ulta is defying the trend by planning to open 500 to 800 more stores by 2019.
The beauty-product retailer has upped its forecasts for the year, hoping to increase its market share and boost online sales. Shares rose 11% to $265.98 after the retailer’s announcement Thursday, the Wall Street Journal reports.
Ulta has 900 locations, but the Bolingbrook, IL-based retailer plans to increase its total unit count to between 1,400 and 1,700 locations within the next few years. During the tumultuous times facing brick-and-mortar retail, specialty beauty retailers like Ulta and Sephora have fared well, maintaining foot traffic by boosting loyalty programs and discount offerings. [WSJ]
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