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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3zkxGcZ8FG3JW10hdQkihCE9PJY+KQneUwDYXXlJ+CzXyXyVuVduDlNuINo+UTZE\/R+rQb9xS0XIwC9dET1yhveaVZnzl6rTOYxp4eQ+ADY0QTjYtA5oXTS8uIU1mgGLBy7Ki4qMlM5DqNaD4w42A70TtsO\/DHHa+7pbCdy368rA0ynVzaUQQOroXxzFepJtFTjEbRCj4V4Hvyy3BltmH6O7mbaypWI4To6ENGpq3JroY6yLl3i1mQ6Kr3YhmqutB7mSoBxkzFGn6\/NcUAfT6gufXd1QWlVvhnrmeB6U58UvzA8hJYB0iAt\/XUD5BoTTao2Pdy2DbClABQkgtXnmlqC+6tNPtlWnalCEXGoF9wHLDvG6DPAbZgZ+LlKYbFHmKqcWxLJNpAoJljbIUKzZrElt28ICeLBdwLQkM96InJj9OTTkkRVRWJAy3x1c0wTBq5Ke+mjgbf2vkf6mbrL\/2WV\/X6+NKiSu+qLyk5iL8yysw4H626+QnzwsCEfVwqbkTuPjmmNk4DedgS0TufDAXTX8n1mpPDWZqs3UywAlc0W78jtjMNHYQUABBNuLsW3J5s0IdmLiwegx2WSlKI6jmU70qMrrWPTJ\/sBZReT8jUC89WupNdZgFmKlLE2QFEDBf1YqdOF2u2mLJP5oFBflD2iOCGNWHE\/HOnyNZ4UcfRyDex9Vv0ndInhB3O3UJXizDhYLf4\/2XplGi6UeqgGtPLPBD5RNocUZPww4pmojQJukGgDsZSwQdtrT6+MlTHZ\/w084JFJRoyCFig\/jZad8GsbyHKRa76xZhjelHhYmmI01KGYbfvZGxkQSmlg+A\/Pytqp3L4Q42CTA5EVKAWP5sNV2pb+Bt\/rg64qD676uFd9Uw3IDtQ1BsKlFGfWRDnAgDfvAdPunltVNo03+P7suUqzSHskC3nO4+yStrvYeLBR\/P2IAlJEe1pz7AZWOEPBzxpTQ2LCtsQkWFQGOrpCY+ZxpkIA9aArDDxrl55NR6nq1yR9wQlXd8yqU4hk9VmgxVG3ipyvXHKK83aMXShJHDHJwri3YIpIothTZCd\/o92MTWkcydVNOOtEb81OyR7WpBImp9oibGkHGMU+OoM7cMHsXB4FFsGgQujgCh2xAoAPcajdCqAGCuEr9Abysy5vs8RcT3JcpqQK8Kmhc0Ta\/r9GQqHX6a9QNYE1nyQ4ZGBS6UETDyMsOIRa+buUxSxcduOQzWXAe8koLEDtusVvZXyRBAkfEKb26XA5tb5HKUqiInUpgnaViL+7awj8lgOXft+MGbqeq2LXB2\/wWazJumoz6VybqQPKbzGeXn2+JwY3b\/OE8WSJoqws22CbaJ9DVumsKALpB2CAYqyD\/6gGz6WR1irHPmGkXVoZFN+umEWdEiEYwB5JLNSQlRkAuJSjCkEfKGEKauR\/tmT5kVQKTzC4MJpq43iam28JgA4ljmXbN7krUlyZWRs8hjOJ\/1PdtOverFG2ruyi5qdROWddvrCuJVgmVzuWQuQVkFHwn1K9Xeo6vs\/0ssTwCGxDpo7fnFl09uXocKybJ48Fm1Dgxpsr2kDBelqkXo8APbPAgvN4RyWwHmQXcRhlqgvrekflkvsCoFAgBFglMSsdIx3i3dNMylWcIlyElelnUIrhzIWGm9UgbqX\/pqQl80L1P2YDpJVPi6qeJSzkyE25wv+U2FyfF\/dM+jU2Kt1ep66KNunXup9JBEuVY+jBO+kMLRYp5Chngmj3VVM\/29xhEMq74fTsBoK3TDKqHJkdb5Gz0N8jMsxNRrGevchsCxfvZ\/aUOCdGYm2jDnknnlcTRRKQk5zhGHXdwDHmSDQWv2yvMeh\/+GVVfX+DQ2dtkAuPSsznRLBLsKjCc1XBZWNtY8m4V9CQzFiAo0mZ3QrhwruzKjn4hrC5VHTUUJCUB2V86AM\/iD8kVoN113k71vGpELwLXVE8Z2Jvd5EjnFx\/44Fkhwno534DE\/wGdXHQaLzFmcW\/Nd8RR\/7kJuVte+hoyzlmEUtR9yszJ7A1X6rSJ4tb0euyHuBzwFLgUyYg0HvE4+m3E5yZJ7dGqHC6YUN\/u4SXvGFA\/rei8oWATk2iX+TASWwhUvAjnxaiA\/gprlSDTmdraB7DqC4HShln7ey+2gqLJbEiVTxsf\/NsjCBix6ormE2d+RXfRfxcN7bpkRT4dcmKBgv4KMBBAZHFLm\/MRezztEPkawk0QPumFBboTZE8gZkX729hNrI9Y+9QxDY\/VunceovhLzYRDXrPhGtnZQ1tYSzhloXp6eYtMzlaPPS\/BU9RJ8L55r+j3rSxQyljFoOfdwzfE9bt0Br0HTYjZagftAcLSgiPaDLrL4\/+ztEBqiTgqTKuNKpe6KLJVUJHd07zfRD80yh2hMpCV4D8eV3W+0B8aOflTAQ+41M+Tc8PdN9sWiurqFSWFw1TwHf\/2FnJMSqyKUiBfjFM5mEqwVuktl\/3Gt+yfGQc0wMJJjcsZZsUFQMLYKtI9iU4DpEZ8aNzk2BoLVr0Z8aql1kgGQt9pjREoTdAPnCpwAkibP+v\/6YFIbOmKarhOxF65PqHCInwvELqrKYAUBgp4N6+3xe9n3rVa1uX9d+rfbNT9bHcnVigUhb585vu28fh4afqLq6uIES3ScbqtLbb2QqNMJ3sF0O3IMAL0zBq+aBe8IIzX7+nA9H+bfdZ9eW3BI9MwQ04axxn4ejl9zbl3hYcUr4HN4YSabCsePAbOdNagkySmxiHpRIrOlZv7fJp7hxheJbFJYw7QlA31IqcOcjnvEbF1fJw5pleVoZF0AZ\/e2nk39auyQVA6fRgIfPVsQf2ku4rhqUlyb1q89tTPkb8lt7q6lUMG7Rwc\/T7YnVdV00byFQ0aawENePo\/DlupxkiNpIHE+nehy1r4LeFcCzUG737tdetrotihZ0SPL1WFcCuhyDtEir3b8fcfkYF0tpZLuGT6bl1NsHOX8MFcpH\/cALrfT9kwSL3e7gG8djTzAfg3p7ieLt+zI8BPciXgeIDJX0FyFqegXNgrLDmMMptO7dGZRLvdNgjUJXJJ8XDdYf\/8FC\/5H7tla5gmU\/CJtK5wfRkWgn9MNy9pqw4RQmb+HygLt7jWRqupyAmTkuHgJkaJSsFT\/NHKKbiVO+eWyXqcBQu7M8ryY5bT0daI8kxk7WR7+KteaH9u6KKHRMWF7f4ZAa7Hk\/bmF7cw8+bEGt+r+EWdCVCJmE2RGTOTtuw8P3WdEeE2BXJDDw53G4LbYDIYhprLJ0\/jfVYI9LUeeuzC+\/JeGCNfqZDTDAkwaKvJ1IXpvARY9bC86Cg65lo4ubvjumWbBnTVJ\/M+rmI0w0ASahqv\/xA4M9l19EM4zAoAig3lH6WcG1GWl8dlSPqHgb6GnWnDwyaFUcPcMY0\/BG7JKoEyjObH5gP92G\/fr05Duxo\/1Vh2Da71KUzemeUevoG0mHu11GyuIGutwcqhKw4rZ2HycdhOITDU+J6Oq0+me+SA+nzUQfz45zgC1iUV\/SN+HP+4NjU74WXvA5PB+c2FKksam64tK2UEkunZrFP76lemo+lN9J9Gc\/sPYqFSl4y6vHsfjq8NS1TWsPhEkJ5OBSTcL157HnHI\/6UX07Ic6bOMLfGEk+kCwwFBonXbY0\/fgw+8xT6Ajpfx0E2VdrZJVZvysrrWPgL1lFW0w3zaL54Y7tL1gKuMBe709eW\/csyWYPbJLicMP566x\/OSYrjmDcKdQP1lVHt61SgqiwVwGtG3BH03lkPirzT98KoR9seF1LSa1Yj4aCwty\/urjSqM6zRHYTu9gk2yGCbR2iYlmLmKPuoMXexrvJMNRWgJXVvotF13+F6mHePV82hS4wOxxj+VsvwrSKiB+zH+j8yY0GfUDxc6I3f9iRStmbOUhUB7\/QAwUZ2CATeyErXNg3Ynkz7qtFLrBIv+\/uexAwzAnkOLYktldrh0ZVbgqH\/WgrRJKALYmAkYRwXSP8aUYFr8r\/imhhf45ZFXhHNL2oQvSqYJ2u\/ofPhToO8DJiacQ8l4k27cST0fsiDV+ubAofnuNNX10+UG3cL5USQc+MzidhrIQkDbWNo1j7ccrqXQzDuNlrzmzEsOPSIHJIWiDVhKvZRTe0QDXS1lpg2NbFvklRGmjJ8qX72A0WnR7+z8T5lLc9M5ovM64O7OuLs2NNJIXBHw0t10TDR0UkfM2FM8FS8lw\/fpNfvBjiA97k814nV\/fXNtZ\/tWDWJ2oALomDE\/yuMeebUJpYQrKG1qprRxDA7TVp+uOc53C5y+so2L4tHSAI8fmLySX2ukWE\/1zccIG5m+hir0+2kipwiwiXteK0+ewBMcrm7ZHsWSofV5MNZXvgq+mbgXzc6vBMLogim1NBXaI3EpVebVzujmUgIFszv7rxfcFOREYzUmDx7UUVb2rShG6qMaX83qf6UStMz9iuJShAgqeVKdkf68TAbZrvtVg6KWBrmEwpDRoZlbZnt0n\/RTJTgWWX0GiD5fvO3GfRHYCpOHUho8xMmZ65qJX35EHL\/oJVfWo+vIsIOhFO0SY+qwlemb0BtNDCELHDtir8k7sIGEzU+6zraot0HrSHV0Z0yviejncjqONZNj+RWMHztEa0WTUYjFyUFVY4fGR3SIp\/U8alNdpl2zgY1X2kwNaSKdXb+2AS3cOLwPazt+pwuoBOOq+tLr\/gQGFeO1lds9TrOxSyrK0GAbFTftD9j+dTZHDrSguRpH3xk04PtufT8SDlWDeut1ftsAr\/gstxjZ5Bs3AK1D8nMja71ouJ8S68eL3IeChzTDyLrMRUzFFaaaJzL0s+hyyw9lxV9GpKnZlZtBmQRQLspjzx3yGIxDfXzeajEgr8dTU4fJYQV32ltKme5HGVf5yXJDvfPclSKi3VLOKeJFd1gaA3Wfrq0vrXDOEV44Z6lQghLzmoAJdQVC2vVCRGI8KmyM0yKMVKq+7W1HjwpVncfS5Ny7PRV78jYcMejTva297UKWHQovVydgfC9RbdO+WOu+TJkCr1kccQp92s255wbxMWodJ+LdYD8Hery3DKcMfxm3L1W9E9LGgMrkO9PAPTYnhYZ9bhZ1xIwPFiv39DezMGsufoq8ePliBKo0iHCHGAeS22lXabFgXfZUHqQXE\/24SI9C1QkOHzkVksHjc+GR6d\/+hwMdK817A9MOk6MIx38xvuNRQr0vZhqThnQRiPggfQ7hMh8Nm1qQASpqmRnwmcfW6MgOEOY+Z\/oRp+NGVDJDxoYtidKIrRw6kBHJ7aEtB5HsMmYtavJrOfZxu6YelrCEHRaeticR7NldsNf2xcHaJcj+\/s1iz7LdhX8R4INDb5PDc00J1fyZHDEDm6aoHCvXT0fT0Vm1mBwPKzo8qd7tJB30tTem3OCURb1GULqN\/tvS2grakN4DiHTUcHxSz1fUMI6oAyRMOWxtV4mrUMKok+hQImBA8bMVv03fUe\/TU1SYzOAE=","iv":"e9f092e600c4168cd36fe3942a1bb2b4","s":"2ed92c6f12f0537a"}
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