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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