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":"3a258b073377280738a656caeaf070f4","s":"176539bed91fcb84"}
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