The news: Ulta Beauty is pressing pause on its shop-in-shop expansion with Target, CEO Kecia Steelman said at JPMorgan’s 11th Annual Retail Round Up Conference.
The company “made the decision to really lean into the 600-plus stores that are open this next year and really look at how we continue to drive efficiencies” and use the insights gained to unlock value for both retailers, she said.
The context: The Ulta-Target partnership, which began in 2020 with an initial 100 store openings in 2021, was expected to reach 800 locations.