ULTA
#Yes, let me start there.
So as far as the $80 million is concerned, I mean that's all on Ulta, right.
So we're stepping up with the CapEx investment.
And again, that $80 million, partly it's not just a boutique drop-in, right.
So again, there's 500, roughly 500 individual boutique drop-ins across the chain.
But we're going to take the opportunity, when we're in those stores, to also refresh our fragrance fixtures in those stores, and Ulta Beauty Collection fixturing as well.
As well as other miscellaneous things, like you're in a store, touching it up and causing some chaos, you're going to take the opportunity to do what you think is best for the guest long-term.
So that's how we're deploying the $80 million.
Again, each vendor, we have a different set of economic terms with them.
So I think by and large, it's kind of a payroll share kind of model, right.
So again, they're trained, they're our associates, they're on our payroll.
The vendors provide, our vendor partners provide excellent training for them.
We kind of share the payroll model on a go-forward basis, and it takes awhile.
Again, we install the boutiques up front, and it takes awhile for those to reach maturity, right.
So again, as we go over time, we add more payroll resources there to make them more productive.
So I think that's it in a nutshell.
I guess, we could echo those comments that you've heard from others.
We have ---+ there's no shortage of great real estate sites that we're seeing, as we look at proposals across the country.
Again our stores, we have a typical, I guess, best-in-class kind of set of co-tenants that we would like to operate with.
But we have proven and demonstrated over time, Ulta stores work on a wide variety of real estate locations and types.
So feel very confident about our current pace of 100 stores a year, right, that we've talked about here, as our medium term target.
We just came back, I guess, from ICSC here in the last day or so.
And again, we've ---+ the landlords, the relationships that we have are very strong.
We know Ulta is being sought out as a tenant of choice.
We're proven traffic drivers to centers in the beauty category is something that many landlords, that's a piece of that offering, retail offering that they'd love to add to the mix overall.
Yes, I mean, I don't ---+ we haven't, we're always very competitive, when we get into the rent structures and the economic terms of our deals.
I mean, I think Ulta probably best-in-class, when you look at our operating model overall.
So it's not like we're seeing some big step decreases in rent terms or anything like that, at least not at this stage.
Now a lot of these liquidation events are kind of in process, I guess, I would say right now.
So I guess, that's yet to be seen.
And we don't ---+ it's not causing us to rethink the number of stores that we open every year, right.
A 100 a year, again there's no magic around that, but that's been a comfortable pace for us, with the number of new associates we need to add to the mix overall, and that time of year that those stores usually get opened.
All-in, when we think about that, a 100 is a kind of a good pace.
Yes, no problem, <UNK>.
I guess, what I would say, is that yes, we have several urban, I guess, you'd call them stores in the fleet, and they do fine.
As we're thinking about the future, I wouldn't say we've ever had a concerted urban strategy, right.
So we don't have a lot of them.
Our main strategy has been really in suburbs and in power centers, and lifestyle centers.
We've talked about, we feel good about this 10,000 square foot store format, and the ability to hit at least 1,200, at least of that format.
But when I reference that, we're also looking at what's the opportunity in smaller markets.
And then also, what's the opportunity in places where the parcels of real estate would by definition be smaller.
So whether it's urban centers or the downtown, maybe shopping area of high end suburbs, right.
So we've got [two] with 2,500 ---+ two 5,000 square foot stores right now, that we're operating to learn about the dynamics of the different size box, and they're doing well.
They're also learning a lot about the best way to operate that.
And as we look at refreshing our view of store growth, urban is a question we're asking ourselves, and we'll look at.
As you said obviously, the economics are different, but as we drive brand awareness across the country with our marketing efforts, we know that ---+ where will we go now.
People know more about us than I think they would have in the past, right.
So that's a good way or place to start.
So more to come on that.
Well, we're very happy with the loyalty program today, it's really a key asset for us.
And it's a fair question, I mean, that's something that could be a good asset in the long run, right.
Nothing to announce on that certainly, but it's certainly has a history in retail that's been successful for many retailers, no doubt.
Okay, thank you.
Thank you.
I'd just like to close by thanking our 26,000 associates for an incredible start to the year, and I look forward to speaking with all of you again soon.
