Along the way, retailers have learned that to succeed in emerging markets they must significantly customize both their market models and product offerings to meet local needs and preferences. In addition, expect retailers to more fully empower store and regional managers when developing marketing and sales plans, given the managers’ better understanding of local consumer and community needs. Finally, real estate will continue to be of great importance when entering new markets, given the difficulties of gaining a foothold when local operators already own the best locations.
Retailers will not only be looking for growth in emerging markets; they will also look to innovate in multi-channel strategies, mobile and data analytics to maintain or grow their market shares in developed markets.