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":"e2d5a97e7ad0141239f24cc651db3f4a","s":"340dc75825ec7244"}
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