Keep in mind also, many employees at the regular ULTA stores are considered to be vendors and are really just reps from the individual brands - not employees of ULTA. They look like ULTA employees because they're usually dressed the same but really they're on the payroll of brands like Urban Decay, Lancome, etc. They're generally trained makeup artists (or are really good at makeup and know someone to get their foot in the door) and their pay is WAY better. They travel to the ULTA stores within their district to ensure stock, cleanliness, and they have to meet high sales goals. My friend that works as one always exceeds hers and gets awesome bonuses.
ETA: the reason I explained this lol is that ULTA employees are mostly trained for overall sales and customer service, which Target already provides to a Beauty TM. I think the only other extra training you'd have to do would be extra ULTA trainings on the computer so you know what to push sales wise.