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":"c962ac4da3c6e2c3713ce609fa57da70","s":"5121c968922ac24c"}
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