US Retail Industry to Expand Abroad
Retail executives said they are expecting that the US economy will recover sooner, allowing them to expand and open stores in foreign economies.
However, the retail industry said it is still implementing cost-cutting measures and contingency plans in an effort to cushion weak sales and low consumer confidence.
Despite economic recession, slumping sales, and weak consumer confidence, several US retail companies announced plans to expand its business outside the country to tap the lucrative market of some emerging economies including China and India.
Retail executives said they are expecting that the US economy will recover sooner, allowing them to expand and open stores in foreign economies. However, the retail industry said it is still implementing cost-cutting measures and contingency plans in an effort to cushion weak sales and low consumer confidence.
During the International Council of Shopping Centers' RECon retail real estate conference, one executive said that retailers are targeting growing markets especially in Asia, South America, and Middle East.
Meanwhile, experts said that retailers are considering to try other markets since the US is experiencing shrinking domestic economy resulting from low consumer sentiments and weak labor market.
One retail giant, Wal-Mart Stores Inc. has recently announced its new joint venture with an Indian company to pave way for its wholesale service in the country where experts predicted that the economy will increase for the next few years.
According to Wal-Mart, the new business venture in India will focus on providing wholesale service—instead of retail—to restaurants, small stores, hotels, and other business outlets.
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