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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