瑞银-美股-零售行业-美国美妆零售：2020年Q1美妆零售发生了什么？（英文）

With JCP closing nearly 250 stores, some retailers are well positioned to gain share. Of the JCP stores with a Sephora, 80% have one within a 10 min drive. This is up 300 bps from 1Q'19. Thus, ULTA is probably taking share. Assuming all closed JCP stores have a Sephora and ULTA can capture 50% of the lost sales, it could see ~60 bps of comp lift (see analysis within). Also, 46% have a Macy's within a 5 min drive. Only 29% have a Sephora company owned store within a 5 min drive, sugg