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":"c77e70f3c34de32b470f7571204fb7bb","s":"0e4a6f1387384544"}
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