The Deloitte and Planet Retail report, "Hidden heroes: Emerging retail markets beyond China", argues that while China deserves the attention it receives, there are other up and coming markets that offer opportunity to retailers with global ambitions.

On China's heals are eight markets - Brazil, India, Russia, Egypt, Indonesia, Mexico, Turkey and Vietnam - that provide the potential to prosper.

While each diverse market is at a different stage of maturity and each has distinct local characteristics, the report states that all eight will play a part in retails global growth.

Comparisons with China

The report also debunks continued comparisons between China and India. While they share vast populations and each are raising their international profiles, that is where similarities end.

The report shows that India is still much poorer than China, per capita income, when measured according to purchasing power is just 55% that of China. There is good reason for this, India began its long road of economic reform 15 years after China and further reform is required.

Indian retail opportunity

While India faces competition from other international markets, the country has a number of things in its favor. India generates more economic growth for each dollar of investment than China. Most importantly India has a very young population - a third of its population is under 15 years of age - a key ingredient in economic growth.

With consumer credit increasing, the savings rate dropping due to a desire to spend and the rise in twin income households, the environment is right for increased consumption.

No room for complacency

While there is a hunger to consume, Deloiite and Planet Retail hypothesize that sustaining sector growth will be difficult due to India's protectionist stance. FDI restrictions still prevent major food and mass-market retailers from opening their own retail stores. Reform is slow, frustrating many of the worlds major retail brands.

India is attractive to global entrants but there is little room for complacency. With six other markets - along with China - looking too attract inward investment, internationally focused retailers have options.

Indian consumers have an appetite to consume, government must decide whether they have the appetite to open the retail market.