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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l\/wX+\/BSkIubq+FXqP3MRQ8\/4vwlYraoISAcSfz47+7Twjw4cdxet9plXt63+oFFCRS04Mu67j84qCo4Bwq13TnirfAAxQ6IWWu0brFbH6ea7c5ZGydY49CxPJVfLVHu6iFftdQm9xbjnSv08HaXLXK3Ty57GFHtDq7bi5T01V\/T4hl+tZAcuDAzZjXtbl4zymAdDKC1UIrJJerl4zg835iIWo3Ll6SsnXeGTsWCyN4gvEEPN2PuLLZ2+6v8L+DDfoefmK0stsFzHk0ADzfVxJJP+LMQwEAZpL3AU+zshHe8Cb2rrnbp8kNyh+gWaoyAAlxY4yfNiKlgFgiZirdWoiZLm\/oJ8h8p28NG\/Aw1FJwwy8gRp9xir5Lhs7zh6Tuv5WpLft9mTvOYPUD4PgaSMyhWwEXFuZrc0KaHflWuBbaWqPESgrabEhuqJ64j6aa3xlEWQi+Z2356Yq4mtwodUfTki9TZg9uyN962qntckq4BAqXtTQi4bO0Ppx2ffJBJ0LzEiKx8bv2t0dxOabFJSfI+QLOzIz9Rwmw2jejUPvwftqALMPwVIJS1LjocRXRoS49ypHyCZ8NRyU4YN8OLLg1dkm9rR\/xXgwvG+QKeRW3rNaEfe8HTgOyBvoxDWIyGoaDXtC3tdHefNF+42lC9iYMgV+e6a855ipRO9FFi68CCzq5Bq6InNeseKiAepuatsH52cOOSHfVApkqO30yC3k33nTbZRc\/csp+TvyHhd\/jMBcMO1AZ0dC7T9Nui37dw3l2MBQbsP6\/J3pacCL1R6h\/MTW5Ba4+BGlrA8S5sxbwxDcmsMpjujSlRFIPCG0S4S15uPaXt7g3f5oD4E4Uq6elYE1hzr\/ikwXgpNoWGS44xMIZsMHQ\/+eKdXkObjQurEM5texZwyjL4ycWgyMwGo73OywiMNoU7sddewVZiitQi5L7JXQzlWIg2pR9Sj625rv9pGWxtsFVDCKKvWCwRXi\/E2KwRMoLqR4CpgUxSvS1JkXydAvsuWRDBijOfpB+joMUKB5vXsKDgk34nR80EnkW1UEr78g3GF6gDv5LHti0EiCusVV+wkUxkL0DrVd1RSGob0CMtj4n9+\/BXGj6rrThZh9TexeTg14DV\/XqEnnwQQnuDeyNov\/ZnSsTbfz9nmXI9t09oSpn2m2awekPPTIRDtPteUANrpIMdkZ84m2jE5O6OIMXxr39ThF8C0UYBjjVap3PsBpa6xi6esEH\/O6Y36ZB3VLsc2dGRzd1gyraes9zscU94IcgaXRp7CtD74ZgSBlNny9Z2ZEu2o5T35p+KWzB7CrdBasjiZfBxRK\/89XSSXjegaiVFW6iseRHOKIOA\/OCLd6t4cuq4Ah7bASBQuXAp00W8xICxxR7wfaSz71JPUs9WucuFJ9i1D8UKuq7Dkja0txtHRGUbhEV5ZT10XIDCLlGG8z8A0MO845n74APf2HPyYcV9JauVIrCalSvGNmujEfl95\/ns5oJdKj4Zkdh2yzQaAO6ZJsDuU8f2hvfXeTw5G9S3lzhsB+0J9Y1zMcIFstv63xwbrLxyWeVfGTKV8TVYnr+UuHpJjmF1yAdS4sQ\/wO0PKi7QZdUqF4iGTdsGd8S+yvLLjADaF53JE2ApJxhBLd8ZYQ7FARQ7PJ7TEOV9NO3N+jaeQ28YbR4E9HT2CuzTmVq8v+x3+P6kKXU9Iupure2e2OE9yiWTbrcVldOYIjWvIpQa8ldsf7jeeufPlbuI1VwoiPkr0cLXC95rEzrDVNAF3G559TvPnlGIov2yVUPWk5\/0pzvp0XKamjsU3YfkZRi2buXC8zNvgWKOiKOJn3AxA6He1\/GiAe5LJ339RZeBqlUzQfN8Peh1xRNHa\/FEWWJAwvVTAqNGtkQwuGSh5W3+oTBoHpWY\/2DAGYd45TcgOXskNR\/jXRr1sl2lhB77eE5I8xelSfiUxmNU1PAuR2Ths+Bfm3+g8MiPIIofAKlYju9wnWBjDkGYc4g2hivXfm+CZ+DFtEwK5bObn51BeHc706s\/hTHKH6V91XKC9BjS9J29Z7qIh6mSejHEH4gA3A1afyTLcNXodzkaft6d7QSheyfCWwgTgp++SE+GCvhCnruWzhSM3V2yU+V0svZ3vjR6oi0vWb64b7AsSzs3Uhqm2Md0mxVIAZogBGH3z3tlK1rILAJIZBr5xDWjvoctzWISQ3MJUQ+Cje6Yni8vfsUiLFMcyCALedI8IHdq\/NMVrcRhASMEgsE0Uy7N4jMQzROv\/HYe8bP5r0c5ckJzKRPAdIg8CRGumWfrIjD8hAQ5eajYiGs1hH72ovu9GpFsKrPzD8hU1AwQlUPGjDhwT3SKqc\/SCFDmpaVLduHQsbd1Eb4Tyk2dIwIqUMZzF1rio\/0E8cQMcktzuugGCuhES5FI+Y2VjiEGQUdrnI+RQOu1UEtKnIM0f6alf\/D6XZh1s7JnyXCu8+rTdt+mIA3LxYimJwK7zr7gvrlCjp+rr48Y4J9+guWEmZhGs9ih+oj7hnAvwmkBnTl6L9VrycbpG7oiOsl9\/ipT9pCOczP9HO0MiAFT9L6okQLQoahVoCa46HbkESXJcD72ZvtdSfUuSXelBolysDgPHa3MOg3xeNxAhBdtjWHu4lFeLOdRbdSpHGZ3ktX4UASmsiN2mtp9bmwJPp6Np\/CV7HFRdhfZCys3Cq26NlZ7q\/EXFEAoUJtkLH52WOysu4kWRojob3g5pinoQkGkWxlgaKKrV2qAJ2OLGBZwkToGHq64ACW7BtvaT2XHe768rYsoaPU\/eLkbc4zMD7Ge9+260R4OZKXqSfdQvRW5UPth\/JkwX0byIOZ1oa0YahUfTfHO3avDPMqzIeSXGG+vih47dBqyKq9dvHHEjjl64TPaA\/dIxDNG0RviRkjBVj9Vu8EEeWJ6OEBmCm3pJ5N7PQyHxQ+YF0yQ5sLLITG+IavolP\/Cx\/gHujFQV0bpRZ\/kMdF8yB7SGCZxh91y8ueeIjJMQ9QiQhnCNb9cSp\/c4gYAj9QsdmzOtrbA0AZS3F2bHmhNGeoUPdzyivICwmaUze8ay7NfkFaDmkzM6ekJy7J\/fb8r05yGRVv8pTqI7IXlhNNUYy\/hjFmfwNl1uPN2L4QeLXErreSw9olqr7Za9b9OvglrJQkBulyq6\/Ycgj6LOR19Y0Dg4Dre1mdS+xwNQZs7p+18TueUNnT57jB1MAsPDFyWBvy7EHU60FwIP0Td++qBnd4eIIOc\/uEN0nbd2108RtDxKIFhV9YD9qp3ozNBpsT2nSTtZKO3KPTS9R6obVQW32QlpCFaAePEDLiqVH\/7CwVhWAruHfwHHBg1gRxjll7QDvNRzN2xQbZJxFCoG6eth+x+n8aJ+Rixju5zNeoXSTXUMB2+SgJFsV\/IyY1aW5oqnQ8Dts1O\/kOe5n1ZqxNqeiu\/HH0a8BKytx0mcWmh0DZOKA0nLjvzIpkHlL44kPLwnmoF0iTYvFriVzpVGXBQHufyu4NnB38Inagl1TL\/Viavdxb8FKcqub2R4f36lxUVw07h+YyCv7wQbEUjTjTpDO6O6AtqjeALPR2wObaFagCQkWE15WGawbDJjAPRIcNHojoPj50QSxh6pFsxCAGFVqxFAPGbVranknUEQPsnVh2yztRk\/coo+Ar7ZRWYy5P3er+L2ORTjioB68oGd7xY3W6TMB9vHatFOk9JLH0HAzPmZqRp\/obK3pz+mRCApSG4k49NgFu2ZSOUZ1U8aYeDPZjpXKBHr3ZyP8kpjW\/usnDPvMkN46nOMsLKTvjzHkwGmDYRpRuiwr8wSO8QikLWV+Vem8YGCvSd25KQfMmCfWoFIO5xyr7cMcpcWRCZqtgWpU1aBdZ\/1GYUmYQDjQC1Hohuinp3xPaxwyzFkE38ChJHg3xebiMLUeQSyd9Ks\/KTkcbKlg5MozHEdRSIBGk1WQ8TTwcpr5u6FOeMr0Zo+a79QUC9n8PwiaIgGQZSimlDUlS0WmdtoyQU1NjHFGAr0Ty+u6H8+N8iIYovDQHQ92kbcXAG8MDk4azNWL8lJQX8XnRL7djZTvqIyC7lGJ2KmdSLr1f2xTqWY6\/rtSC5No9rADbpWXG57GIDaBsD2F23xQvmAIg3He6ALhpYD4c80ovSfoutJn8HooVHBHSmr6QxYZhGUjfKkHLqcdlsdAlN69JgpkkEYK1RBXNd6f09A1K2+n\/esgIJa9hRiw4allLqE8+XPd0I0vV8OU5fwidMZTgtLH828JYOpk8JRkIgubvwW4fzQXpsDzBlIRxXGn2bNhAGB7uMAyLWKuhq76vkVsxU+tbw4B7+0VjGFIDQ0ehWFI8J9U0A2b0X7mmdldaPKZ2aVme+3TfqirfH+c1rSCojfYrvkJqAAL6+c59WzkzUydPj3YqZ1Yord3xWnoIJ6B6K1Ht5jjYbU3gy6ZR+Glk\/loEywxWOtFSHfdHDL7at1XoxWnerP84NyvzNpleUdFYOvlw8zGgBPSor+1u0U37UR7hrHwsj0AK83mQyBXiIIvM657AwV12ARDQRumjWR5NC0g+3Xan7COQkHEFyZ8UN00hVklByPDeBQ+7VsG2wxRAhuacCje6JmkAJ0rufohl35h729mHj1tsDHdzaAom2pu5uv1xgfb8HMesMLBDgxLvTvOZLRHgREK4cCMTLoRzQgFYLOfImlhMI8m38B02XD3nkQF\/iGWGhnbS6IP4aaHXI\/IaKfl5hVBqFYI9mjs8fPQHP1abF36RmUT\/oxAY\/anmv8nlx1sUJOXa756TiRLQJ4sE1byWOk0KgU8K\/un8S0zz02I5va5JFvEkUJYlrrwWFJfG5tx\/BER39ZXtjkdXMJoIT21YRwV8Utu+\/lFAadjHLdpWiLXstfX3oLk\/3XSjxKM4BfjBSQXMHZw\/iiGkz8Dnx9XX93FHEJG8UnMLvIBlLhy2UaYjBCfPTjeK3xz\/rZRO\/JNh+gigKuzvJlLPzlx0OLG9NvSH2a22lYJR5ZyHPtZLU1s21zLbFWJOYYFaxgHMmm3TR0dsaXKd2sNRVmUFfeyguioYAhtFzgWavPWnB1hcCmkBuKUBqCCvHzGfUxe9DZe3oWu\/ZSnP8RwGvp7KsiV0Cmd84JqFOIDZu\/kSt2ibDg7bAT0rpsoKlxqxxZ6IfUKFIt+LfFwnqD0W6Xhpr+koHVLdckmQI29XPIyHMknXoSH5EJydzYNR+ib0oF7WeaOyznVD+cBwf6Vs\/4u2cCWu8\/KEanJRArCDwt223UhyBajVRB73V0FxhAiUubDNwlbjiPKXiePnkDecVLJ2orabraeZwzvuqpjLB7yp+f\/hTxMaEEIxevg4X4dSXp+7SLlf9TQ7DqBBl8horV11wFUAY0ddffxVbBhlxXSpTVKudCj9mBfNu\/eNH6prOUgBBK5G1\/u8nlKwYqUznPG1gg8Ex4NFH+8HWkOczMc8=","iv":"79abf57c00fe0aa5782e5e16651b2ae6","s":"3d3274fe846a9190"}
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