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":"3c4706b513bc9898e0672f46b542b6c2","s":"83d8cf67457ce51a"}
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