Macy's (M) latest announcement that it will close stores around the country could bode well for Ulta (ULTA) . Oppenheimer's retail research team pulled out a map and found there is "meaningful overlap" between Macy's planned store closures and the nearest Ulta locations. And 35 of the 66 Macy's surveyed by the firm have an Ulta within five miles. This means Macy's shoppers could start shopping at Ulta.

Oppenheimer believes more department stores will have to resize in coming years. Oppenheimer says this should help Ulta maintain "at least high-single-digit comp growth."

This article was written by a staff member of TheStreet.

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