Ulta to open store on Chicago's Michigan Avenue

Now we know that Ulta Beauty's long-term strategy includes a store on Chicago's glamorous Michigan Avenue.

According to the Chicago Tribune, Ulta will be moving into a space vacated by Walgreens at 430 N. Michigan Ave. The store is expected to open in summer 2017.

Earlier this month Ulta raised its guidance and discussed plans to accelerate store expansion. The company said it has plans to double its market share over the next several years through new store expansion, e-commerce growing to become a billion dollar business, higher store productivity, and gaining greater share of wallet.

“We are confident that executing against our strategic imperatives will continue to drive excellent financial results and create sustainable, long term shareholder value," said Mary Dillon, CEO. 

The Michigan Avenue store is one of hundreds Ulta expects to open in the next several years, topping out at around 1,400 to 1,700 U.S. stores, company officials said.