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":"468c3a1eaf898d71475a0660e0823841","s":"b96d56f180aab908"}
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