Business Daily Media

Business Marketing


APAC Nations Shine in Kearney’s 2023 Global Retail Development Index, Revealing Strategic Opportunities in Emerging Markets

SINGAPORE - Media OutReach Newswire - 22 February 2024 - In a year that has witnessed a reshuffle of emerging market potentials, global consultancy Kearney's 2023 Global Retail Development Index (GRDI) captures the core of a retail landscape at a crossroads.

The report, a bi-yearly survey of the most promising retail markets worldwide, underscores the agility and dynamism of retail economies adapting to a reshaped world.

Asia Pacific (APAC) nations make a strong showing in global ranking

While the obvious candidates – China and India – continue to show an enduring appeal to global investors due to their market size and rapid consumer base growth, a host of other compelling opportunities emerge among their Asia Pacific neighbors. Across the region, APAC countries have displayed remarkable retail growth trajectories, with five APAC nations (India, China, Malaysia, Indonesia, and Bangladesh) securing positions among the top 15 economies for retailers to prioritize establishing a presence in, based on the GRDI.

In China, innovative technologies, experiential retail concepts and a highly digitized retail market continue to drive consumer spending. India's retail sector thrives from a large working population, rapid urbanization, and government initiatives like Digital India, propelling e-commerce and modern retail formats.

Looking at emerging markets in Southeast Asia, Indonesia, for instance, benefits from a growing middle class, expanding infrastructure, and increasing urbanization, fostering a vibrant market for both traditional and modern retail players. Meanwhile, the Philippines and Cambodia demonstrate significant potential for catching up, fueled again by growing middle-class populations and urbanization, as well as favorable government policies attracting foreign investment.

Bangladesh, as another notable example of an emerging market experiencing high growth in the retail sector, has been propelled by its strong ready-made garment export industry, attracting major international brands and contributing significantly to its economic growth.

Overall, APAC nations serve as pillars of strength in the growing retail sector. The global retail e-commerce sector is projected to show a strong increase in sales, adding an absolute value of $1.4 trillion from 2022 to 2027. Of this growth, 64% is expected to come from emerging markets. APAC nations, in particular, are expected to lead the digital charge due to rapid growth anticipated in China, Indonesia, Malaysia, Vietnam, Thailand and India.

Six key trends emerge in this year's GRDI

Globally, as retail growth extends beyond traditional powerhouses, the GRDI report identifies six pivotal trends shaping the retail landscape in emerging markets:

  • Macroeconomic uncertainty remains high, with global economic recovery being gradual and varying across developing economies.
  • Consumers are trading down to less expensive, local, and private label items due to inflationary pressure.
  • eCommerce growth continues unabated, with expectations to grow at twice the rate of brick & mortar retail by 2027.
  • Omnichannel strategies are becoming increasingly critical, with retailers in developing markets investing in omnichannel capabilities.
  • The rise in e-payments and BNPL options is reshaping consumer behavior, with rapid adoption in the APAC and MEA regions.
  • Retail AI and technological innovations are being leveraged to create new, experiential marketing approaches to attract and service consumers.

Siddharth Pathak, Asia Pacific Co-Lead, Consumer and Retail Practice, Kearney said:

"This year's GRDI reflects the diverse retail potential among emerging economies in Asia. From established powerhouses like China and India to rising stars such as Indonesia and Vietnam, each nation offers distinct opportunities and challenges for retail investment in the region."

"Success in this dynamic market hinges on retailers' ability to adapt, innovate, and strategically navigate the diverse retail landscapes," he added.

As global retail players strive to navigate a landscape marked by shifts in consumer behavior, technology adoption, and competitive activity, the 2023 GRDI provides an indispensable roadmap for developing sustainable strategic responses and forging winning value propositions.

Please find a link to the full report here: The 2023 Global Retail Development Index
Hashtag: #Kearney #GlobalRetailDevelopmentIndex #GRDI

The issuer is solely responsible for the content of this announcement.


Kearney is a leading global management consulting firm with deep-rooted expertise in strategic transformation. We work with more than three-quarters of the Fortune Global 500, as well as with government bodies and non-profit organizations. As a global consulting partnership in more than 40 countries, our people make us who we are. We're individuals who take as much joy from those we work with as the work itself. Driven to be the difference between a big idea and making it happen. We work alongside our clients to regenerate their businesses to create a future that works for everyone. To learn more about Kearney, please visit .

News from Asia

Starpower Partners with WEIHENG to Develop Smart Energy Storage Technology

HONG KONG SAR - Media OutReach Newswire - 22 April 2024 - Weiheng Intelligent Technology Co., Ltd. (WEIHENG) and Starpower Network Co., Ltd. (Starpower Network) have announced a collaboration to j...

DFI Retail Group releases Sustainability Report 2023 – Demonstrating the significant progress in its sustainability and ESG journey

HONG KONG SAR - Media OutReach Newswire - 22 April 2024 - DFI Retail Group (DFI) has published its Sustainability Report 2023, which illustrates the group's steadfast commitment to environmen...

AOC Days: Unleashes the Potential of the World's No.1 Gaming Monitors* with Exclusive Deals across the Range

Level Up Gaming and Productivity with AOC's Award-Winning Monitors From High-Performance Gaming to Professional Displays SINGAPORE - Media OuReach Newswire - 22 April 2024 - AOC, the world's leadi...

Hong Kong developer LOFTER Group achieved remarkable sales results after the government axed all property cooling measures

HONG KONG SAR - Media OutReach Newswire - 10 April 2024 - LOFTER Group (the Developer) has achieved remarkable sales results in its latest real estate development, Elize PARK. The Developer has wi...

"2023 Most Influential Leaders Award"

Igniting Excellence, Empowering Growth HONG KONG SAR - Media OutReach Newswire - 22 April 2024 - With the aim of honoring outstanding brand leaders across various industries, BUSINESS INNOVATOR, a...

Cathay’s 1 Ticket, 1 Tree initiative achieves new milestone

30,000 mangrove trees planted in Southeast Asia since 2021 SINGAPORE - Media OutReach Newswire - 22 April 2024 - Cathay has reached a milestone in its 1 Ticket, 1 Tree journey, with the planting ...

New management for the EUTOP Group

MUNICH, GERMANY - Newsaktuell - 22 April 2024 - Stefan Mappus is the new Managing Director of the EUTOP Group. Together with long-standing Managing Director Christian Schaufler, he will manage the ...

"2024 Most Innovative Enterprise Award"

Innovate・Lead・Succeed HONG KONG SAR - Media OutReach Newswire - 22 April 2024 - With the aim of recognize the outstanding contributions and most innovative enterprises and institutions within the ...

Octa to sponsor a coding bootcamp for underprivileged youth

KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 22 April 2024 - Octa will finance a coding bootcamp for students of Ideas Academy, an inclusive secondary school located in Kuala Lumpur that f...

Guinea-Bissau’s Ministry of Finance Joins Rank of Companies Choosing N-Soft for Revenue Mobilization

HONG KONG SAR - African Media Agency - 22 April 2024 – N-Soft, a leading revenue mobilization provider for the digital age, is thrilled to announce a groundbreaking partnership with the Ministry of...


Central Element secures major retailer for Pienza Neutral Bay

Leading independent Sydney property developer Central Element (CE) has signed on Dan Murphy’s to its $180 million luxury residential and retail development, Pienza Neutral Bay. Pienza will create a space for both the community...

Top tips for getting a car loan

Need a new car but you are not sure how you are going to fund it? We have put together out top tips for getting a car loan. Read on to find out how you can help yourself get the best car loan possible. Tip 1. Know your budget. ...

4 in 5 businesses believe lenders will not deliver Governmenr backed loans in time

New research reveals businesses’ lack of confidence in lenders to deliver the new Government-backed loans in a timeframe that will guarantee their survival. Four in five business owners (79 per cent) believe that banks will not ...

Virtual Office
Tomorrow Business Growth