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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