About 300 global retailers including J Sainsbury and Marks & Spencer are actively looking at the Indian market, or have already opened a store here in 2007,” says the latest research by CB Richard Ellis.
According to the report, almost 27 per cent of the global chains want to build their presence in India. At the same time, 24 per cent are looking at Ukraine, with 22 per cent targeting Russia and 19 per cent seeking to enter Malaysia.
The dominance of China as a destination for foreign retailers appears to be fading as only 11 per cent of the respondents are actively seeking to enter the country.
Peter Gold, head, cross border retail, CB Richard Ellis, said: “We believe India will maintain its position as a popular new location for retail expansion as further trade restrictions are lifted. And, in the same way that Ukraine is now benefiting from retailer interest in Russia, retailers will again be looking to expand to adjacent markets around other emerging destinations.”
The research further states that South Africa is currently the most important market for retailers based in the Asia-Pacific region, while retailers from the United States are looking more to Turkey. Among apparel retailers, Ukraine is the most sought-after destination.