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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