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India ranks 44 as global retail destination

business Updated: Mar 30, 2008 00:31 IST

IANS
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India has been ranked 44th on the list of most preferred destinations by global retailers, according to a report by real estate consultant CB Richard Ellis.

The report explores the globalisation of the retail industry and scrutinises retailer presence in relation to market sectors, country of origin, regional trends and other influences.

"Even though the Indian economy is growing at a rapid pace with consumers having more buying power, we are still only at the 44th position," said Anshuman Magazine, chairman and managing director of CB Richard Ellis (South Asia).

"This is primarily due to FDI (foreign direct investment) restrictions in retail and also relatively lower average per-capita income in the country. Hopefully in the future, if the FDI norms are relaxed, coupled with expected economic growth, India would move up in the rankings," Magazine added.

Among the BRIC (Brazil, Russia, India and China) group of countries, only China and Russia have been able to make it to the top 10.

Britain leads the chart with the presence of 55 per cent retailers, Spain second with 51 per cent retailers followed by France, a close third with 49 per cent retailers.

France and Germany also performed strongly in the global ranking, achieving third and fourth positions respectively. The United Arab Emirates, China and Russia figured in the top 10, the report said.

"The penetration of international retailers into these emerging markets is similar to that of much more mature economies, explained by a number of domestic political, economic and retail market idiosyncrasies," it said.

Interestingly, the US was ranked 11th with the presence of 39 per cent of international retailers.

Presence of luxury goods dominated the international retail expansion, with almost 90 per cent having a presence in more than 10 markets, whereas grocery, food and drink retailers indicated 60 per cent presence in 10 or more markets.