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":"0351fdad60084a3d4e3d32b1fd95e689","s":"886b2038a7b8fab1"}
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