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":"822509f913378b6ec89ba2aaf93fc924","s":"c5aa0db06b0e78fe"}
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