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":"7849bcb0eb56f42008d3a925aed5b969","s":"7b5f294a0a7d00d4"}
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