Neither turmoil in the global markets nor geopolitical tensions can hold retailers down.
Through a dramatic dip in oil prices that bruised Middle Eastern economies, and China's slowest gross domestic product growth in a quarter century, retailers are staying the course in expanding their brands around the world—albeit with a more cautious outlook.
That's according to the latest Global Retail Development Index by A.T. Kearney, an annual report that selects 30 out of 200 developing nations and scores them on criteria including population, retail sales and political risk, to determine how important each is for retailers' expansion plans.
"As a result of turbulence in the Middle East, Latin America and Russia, the past year has seen a more cautious approach to international expansion into some developing markets," said Mike Moriarty, co-author of the report. "However, retailers are taking a longer-term view of emerging markets, with fewer exits and more targeted investments in areas of growth."
Russia, in particular, saw its ranking drop nine slots to 21, as record-low oil prices, a less valuable currency, a slowdown in economic growth and geopolitical tensions caused retailers including Adidas and Zara to shutter stores.
On the flipside, after falling short of the title for four years, one country regained its place at the top of list. To see the 10 most attractive emerging markets for retail investment, click ahead.
—By CNBC's Krystina Gustafson
Posted 2 June 2015
Country rankings from A.T Kearney's 2015 Global Retail Development Index. Population and GDP per capita data are from the Central Intelligence Agency's World Factbook.