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":"0e86d1baa2842e573e630623f2a980fa","s":"2d5916727f3695b9"}
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