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":"f6c527fe8b842da2cfa054b22ad7fa5a","s":"4075db5fceee7260"}
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