THE WHAT? Ulta has decided to shelve plans to expand into the Canadian market, according to a report published by Bloomberg.
THE DETAILS The US beauty retailer said that it would incur costs of US$55 million to US$65 million as a result of its decision, having already taken out some leases. However, the move will free up cash to boost its e-commerce capability in the US.
THE WHY? Online has shot up the priority list this year as a result of the pandemic, as digital adoption accelerated, while the retailer’s foray across the border, already postponed to 2021, is now off the cards.