The next generation of retail markets
When global retailers look at new markets, it is not so much countries that they investigate as it is urban centers. Retail, like all businesses, follows the money - and in emerging markets, the money will be in cities.
This most recent report from Deloitte and Planet Retail profiles ten of these "hidden cities" - two in Latin America; two in Africa; one in Europe; and five in Asia. The ten cities are Bogota, Chongqing, Ho Chi Minh City, Jakarta, Kolkata, Lagos, Lima, Manila, Nairobi and Yekaterinburg.
These cities are quite large in population, on a per capita basis are more affluent than the country in which they are located and economic growth is likely to be stronger than in the capital or in first tier cities. As these cities develop and as there is continued migration from rural to urban locations, they will expand faster than the country they are located in and income and consumer spending will likely grow faster as well.