Garfield Commons, where this particular Ulta is located, is a testament to the reproducibility achievable in the American suburb. Ulta anchors the back corner of the strip mall, where it sits alongside a Marshalls, a PetSmart and an urgent-care clinic. Across the parking lot, an aging Walmart is next to a McDonald’s and an Applebee’s. This might seem like an odd setting in which to sell $64 compacts of Dior bronzer and $190 bottles of Prada perfume, but locations like this—a practical, unexceptional shopping center you might find in any suburb or small town in the country—are the bedrock of Ulta’s business, which brought in more than $11 billion in revenue in 2024, up from just over $6 billion in 2019.