<![CDATA[This study examines the relationship between Phygital Retail Experience and Customer Loyalty through Perceived Value and Customer Satisfaction, while investigating differences between digital-to-physical (D2P) and physical-to-digital (P2D) customer journeys in Indonesian fashion retail. Data from a three-wave time-lagged survey involving 503 adult consumers were analysed using partial least squares structural equation modelling, mediation analysis, and multi-group comparisons. The findings indicate that Phygital Retail Experience is most strongly associated with Perceived Value, whereas Customer Satisfaction exhibits the strongest direct relationship with Customer Loyalty. Significant indirect associations were identified through Perceived Value and Customer Satisfaction, including a statistically significant sequential pathway consistent with the proposed evaluative framework. However, because satisfaction and loyalty were measured concurrently in the final wave, these findings support statistical mediation rather than establishing a causal or fully time-ordered psychological process. Multi-group analysis revealed that the relationship between Phygital Retail Experience and Perceived Value was stronger for D2P journeys, while the relationship between Customer Satisfaction and Customer Loyalty was stronger for P2D journeys. These findings highlight the relevance of consumer evaluations and customer journey direction in understanding reported loyalty intentions within integrated retail environments. From a managerial perspective, the results emphasise the importance of seamless channel transitions, consistent information, and service continuity across physical and digital touchpoints. The findings concern self-reported loyalty intentions rather than independently observed purchasing behaviour.]]>
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