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":"93e272880cd62620799abe7c13ae6910","s":"3db50b9cb1adadb2"}
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