LONDON-India is seen as the most sought-after retail market, where that industry is emerging, according to a CB Richard Ellis survey of 300 retailers worldwide. Of the report’s respondents, 27% said they are either opening stores in that country or planning to do so.

Emerging markets, the report says, are countries where population, the economy and wealth are growing, as well as health, education and literacy. Additionally, the importance of agriculture to these countries is dropping.

By retail sector, India topped the list for luxury and department stores, and came in fourth place for apparel retailers. Those chains based in Europe, the Middle East and Africa have the strongest interest in the country, compared to those based in other regions.

Rounding out the top-five list of the most sought after emerging markets were Ukraine, Russia, Malaysia and Turkey. “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,” said Anthony Buono, executive managing director of CBRE’s Retail Services.

Among US-based retailers, the most popular destination is Turkey, Mexico, South Korea, South Africa and India. For retailers based in Asia-Pacific countries, South Africa is the most important market.

The report found that 40% of the retailers surveyed expect most of their growth over the next give years to happen in emerging markets. Retailers are reportedly looking at Chile, Pakistan and Vietnam, but all three of those nations have high barriers to entry.