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With anemic growth in the U.S. and Europe, retailers are increasingly turning to less developed and smaller markets for their expansion, according to an A.T. Kearney report.
“Global expansion is no longer a ‘nice to have’ but a ‘must’ to overcome slowing growth in core markets,” said Hana Ben-Shabat, a partner at the global management consulting company and co-leader of the study.
While that might not be so surprising, some of retail's most promising new markets probably are not the ones you first think about. These newer markets include countries such as Botswana, Georgia, Oman, Mongolia and Azerbaijan.
Each year , A.T. Kearney ranks the top 30 developing countries for global retail expansion. This year, Brazil grabbed the top spot for the second-straight year. Brazil, a long-time promising emerging market, has been bustling with preparations for the World Cup and the Olympics. All that activity has played a role in helping to drive a growing middle-class economy. With more disposable income and a young population that is concentrated in urban areas, the conditions are ripe for retailers.
But it is the inclusion of Botswana, which ranked 20th, which may be one of the most interesting developments to come out of this year's research.
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