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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