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":"c56e80bee44dfc4936f58f05fa8b8f60","s":"a519d50b1d91672c"}
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