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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