Business Daily Media

Men's Weekly

.

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

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

Highbrow Unveils Its New Beauty Salon at The Adelphi

SINGAPORE - Media OutReach Newswire - 27 June 2025 - HighBrow, one of Singapore’s most trusted names in brow, lash, and nail care, is thrilled to announce the launch of its new beauty salon at The...

Cyberport 5 as Hong Kong's New I&T Landmark

Driving Emerging Strategic Industries Development Heralding a New Chapter in Integration of I&T and the Community HONG KONG SAR - Media OutReach Newswire - 27 June 2025 - The Cyberport ...

VinFast signs dealer financing cooperation agreement with BCA

JAKARTA, INDONESIA - Media OutReach Newswire - 27 June 2025 - VinFast has officially entered into a pivotal financial partnership with PT Bank Central Asia Tbk. (BCA), one of Indonesia's leading p...

Food Expo PRO and Hong Kong International Tea Fair Return in August with New Coffee Zone and Expanded Halal Sector

HONG KONG SAR - Media OutReach Newswire - 27 June 2025 - Organised by the Hong Kong Trade Development Council (HKTDC), the Food Expo PRO and Hong Kong International Tea Fair will be staged concurr...

Food Expo PRO and Hong Kong International Tea Fair: One-Stop F&B Platform Returns in August

Spotlighting Food Science & Tech HONG KONG SAR - Media OutReach Newswire - 27 June 2025 - Organised by the Hong Kong Trade Development Council (HKTDC), the Food Expo PRO and Hong Kong Internat...

The best CFD broker 2025': Octa receives yet another award

KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 27 June 2025 - Octa, a globally regulated and trusted broker since 2011, was recently named 'The best CFD broker 2025' by the AllForexRating.com...

DHL Express completes the modernization of its Air Hong Kong-operated fleet to boost Asia Pacific network capacity and fuel efficiency

14 A330 freighters in total have been added to the regional network, retiring the previous A300-600F fleet This is part of DHL Express's ongoing investment to enhance its network ...

Rethinking Obesity: Novo Nordisk’s Latest Initiative Urges Singaporeans to Treat, Not Blame

“Beyond the Scale” focuses on obesity as a chronic disease — urging empathy, early intervention, and evidence-based care. SINGAPORE - Media OutReach Newswire - 27 June 2025 - Imagine a chronic dis...

Trend Micro to Deliver AI Factory with Dell and NVIDIA for Secure Infrastructure at Scale

Platforms to accelerate secure AI adoption for modern IT environments HONG KONG SAR - Media OutReach Newswire - 27 June 2025 - Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global cybersecur...

HKICPA renews its Mutual Recognition Agreement with ACCA

HONG KONG SAR - Media OutReach Newswire - 27 June 2025 - The Hong Kong Institute of Certified Public Accountants (HKICPA) is delighted to announce its renewal of Mutual Recognition Agreement (MRA)...

Demand for Home Batteries surges as Federal Rebate Kicks In

A leading provider of energy solutions VoltX Energy has seen a 400% increase in demand for home batteries in the past three weeks as people put d...

Why Sport Remains the Safest Bet in an Uncertain World

When Rome was in crisis, its leaders did not retreat to the Senate. They went to the circus. To the chariot races. To the gladiators. Sport was no...

THE FINE LINE WITHIN HILARIOUS SIGNAGE DESIGN FAILS

It seems like design failures still occur in today’s modern branding era, despite rigorous rounds of approvals behind the scenes. One signage show...

Deputy Announces Exclusive Global Partnership with Predelo to Bring AI to Shift-Based Businesses

Deputy, the global people platform for shift-based businesses, has announced an exclusive partnership with Predelo, an AI Decision Agent-as-a-Serv...

Leftover Budget? The Last-Minute EOFY Tip to Drive Business Success in FY25/26

The countdown is on. With just days left until EOFY, now’s the time to make your remaining 2024–2025 budget work harder and smarter. After workin...

pay.com.au appoints new CEO and Managing Director

The former COO will lead the company’s next growth phase, with ex-CEO Edward Alder transitioning into the role of Managing Director AUSTRALIA, 25...

Sell by LayBy