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":"87f5210c17d98bed4aff304788c4eddd","s":"df66070920758111"}
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