Tuesday, September 27, 2011
Retailers eye Africa as 'final frontier' for growth
BERLIN (Reuters) - Africa is starting to appear on the radar screens of western retailers as they look for the next growth opportunity in emerging markets while having to cope with subdued consumer spending at home.
Consultants Deloitte and Planet Retail on Tuesday identified five African countries -- Algeria, Kenya, Morocco, Nigeria and South Africa -- as being among the 10 new markets most likely to appeal to multinational store groups in the coming years.
"All have fast-growing economies, young and growing populations, and fragmented retail sectors," Deloitte and Planet Retail said in a report published on the second day of the World Retail Congress in Berlin.
"Moreover, although traditional forms of retailing are still dominant, a growing middle class is demanding branded products and the opportunity to shop in modern retail formats," they said. read more