Multi-channel retailers have been adopting different multi-channel formats that range from complete channel separation (e.g., Victorias Secret) to close integration (e.g., Bed, Bath and Beyond). The purpose of this research is to determine which multi-channel strategy offers the most value to multi-channel shoppers. The success of a multi-channel retailing strategy is believed to depend on consumers perceptions of channel complementarity, which reflects the degree to which multiple retail channels work synergistically to create value. Using sophisticated methodologies, this research shows...