Research
May 4, 2016
Photo of VivaLuxury courtesy of Bergdorf Goodman
By Sarah Jones
As retailers invest in digital sales channels, it is eating into their bricks-and-mortar sales and earnings, according to a new report from HRC Advisory.
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","iv":"e28b298d0ea4e6c60423e25e5894fdf6","s":"e6816f15e2f45f12"}
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