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":"ba2be3a36a744fbb7233af70cb159259","s":"ca6645f39c302aa2"}
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