Target and Ulta Beauty have mutually agreed not to renew their shop-in-shop partnership when the current agreement expires in August 2026. The five-year partnership began in 2021 and has led to the establishment of several Ulta shops at Portland-area Target locations.
Guests with linked rewards accounts can continue to earn Ulta Beauty Rewards on eligible purchases made at these stores until the end of August 2026. Ulta Beauty, a specialty beauty retailer with approximately 1,500 US stores, is exiting its partnership with Target, a retail giant with nearly 2,000 locations in the country.
Source: https://www.oregonlive.com/retail/2025/08/partnership-to-end-popular-retailer-to-exit-target-stores-next-year.html