Retailers' New Frontier Goes Beyond BRIC Countries - WSJ.com

Alongside the promise of the so-called BRIC countries to the U.S. and other global retailers, smaller emerging markets, including Kuwait and Dubai, are rising as the new crop of global expansion opportunities.

About 80% of retailers still consider Brazil, Russia, India and China as key to their short-term international growth plan, according to a survey of 60 global retail executives in the ninth annual Global Retail Development Index study by management consulting firm A.T. Kearney. The study uses 25 macroeconomic and retail-specific variables, including country risk and market saturation, to rank the top 30 emerging countries attractive for retail expansion.

However, the BRIC countries tell only part of the story.

Kuwait emerged as No. 2 on the list, while Chile, Saudi Arabia, United Arab Emirates, Uruguay and Peru also surfaced in the top 10 along with their BRIC counterparts. The top 10 list represents the most diverse mix of large and small markets in the index's nine-year history. Other countries including Albania and Macedonia, which weren't placed in last year's top 30 rankings, also surfaced on the chart.