New Report Listing the Top 10 Emerging Markets

8 Oman

Retail sales per capita: $3,699

Economic note: Oman is trying to diversify its economy to cope with waning oil supplies.

Retail note: Souks, or open-air markets, are being replaced with modern retailers. Marks & Spencer, LVMH Moët Hennessy Louis Vuitton and L’Occitane have been in Oman for half a decade. 

Obstacles: Oman is growing, but with just 3.1 million people, it could struggle for the retail spotlight.

9 Mongolia

Retail sales per capita: $794

Economic note: The rapid growth of the mining sector—in everything from copper and gold to 
uranium and tin—is remaking Mongolia’s traditionally herding- and agriculture-based economy.

Retail note: LVMH was the first luxury brand to enter Mongolia, setting up shop there in 2009. Zegna, Hugo Boss, Cartier, L’Occitane and Dunhill also have toeholds in the market. 

Obstacles: Mongolia has to find a way to transition to sustainable growth beyond mining.

10 Peru

Retail sales per capita: $2,180

Economic note: Peru’s economy has averaged growth of 6.4 percent since 2002, but the mineral and metals export business and food imports leave the country subject to global price changes.

Retail note: Lima, the largest city, has little space for shops aimed at middle- and upper-income shoppers, but growth outside the city presses on. Zara had already touched down in the country and Gap plans to next year.

Obstacles: Peru has grown fast, but benefits have not reached everyone, particularly in rural areas.