Ulta shelves Canadian expansion as COVID continues to wreak havoc on retail

Ulta shelves Canadian expansion as COVID continues to wreak havoc on retail

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.

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