India has been identified as the most sought-after market in a major survey of 300 global retailers seeking to expand outside their domestic markets.

New research by C B Richard Ellis, a leading London-headquartered real estate services firm, reveals that 40 per cent of retailers expect emerging markets to provide their main source of growth over the next five years.

The research report said that India was identified as the most sought-after emerging market. Twenty seven per cent of international retailers surveyed have opened their first store in India in the last year or are planning to do so soon.

"India is considered particularly attractive because of the size of its market compared to its low presence of international retailers. With foreign ownership rules being gradually relaxed, foreign investment is also now possible, allowing single-brand retailers to own up to 49 per cent of their India operations," the report said.

The Global Emerging Markets Survey (GEMS) explores the views of some 300 retailers worldwide, representing a global portfolio of 25,000 stores, and provides the latest insight into retailer attitudes towards the world's emerging retail destinations.

Ukraine and Russia also ranked highly in the survey, in second and third positions respectively. Ukraine, in particular, benefits not only from its own rapid economic growth but also from its proximity to Russia.

"Rising interest and growing expansion into emerging markets globally is being fuelled by rapid growth in consumer spending and the 'emerging middle class' in many of these

countries. We believe India will maintain its position as a popular new location for retail expansion as further trade restrictions are lifted," Peter Gold, head of cross border retail at CB Richard Ellis, said.

World's top 10 retail markets