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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