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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