Magento!- right choice indeed.
Ultimo is a nice & fluid responsive theme but I can share my previous experiences working with this theme like Total price in cart account have come without space. I have imported the template & it didn't include photos & sample products. Product was not shown in category page. Ah, forget to mention, I have a problem in setting up the theme. In categor grid mode the template shows too many columns when the page width is set to full hd or even 1680. Sometimes it shows 6 and more products in a row which makes the pictures smaller and smaller.
I am not disrespecting your choice, but just intimate you from my previous experience. Please confirm the Demo No which you prefer to use, so that I will start mapping between the theme & requirement.
Anyway,I checked reference & feel:
Get something you love->Find new favorite shop->Purchase safely & Securely is the main essence of this project.
-Please confirm me about category & sub category of product for your website?
-There is a section of Shop by category, like Shop of Jewelery, Clothing, Gifts etc, an unique point.
-Shops Worth Exploring section, here customer will view state/place wise specialized products,2nd unique point.
-A review section be visible.I can implement feature so that customer be able to upload video reviews as well. Do you like it?
-Social media, auto email subscriptions & notifications be enabled.
Lot's of points are there to discuss with you. Please ping me.