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":"a46b72e157d9b39a68591dbc6a2cd340","s":"7e282cecfc093ebd"}
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