"There are vast tracts on the planet that have never been reached by modern retailers," said John Strachan, global head of retail of Cushman and Wakefield, London. "Wal-Mart is in just 15 countries. Timing and opportunity will be the key to success."

Globalization is encouraging a number of chains to explore new frontiers. "We are spread out in countries where no one else will look," said Ishwar Chugani, executive director of Dubai-based Giordano Fashions, including managing 15 stores in Iran. The 1,900-store fashion chain was founded in Hong Kong, but now has 150 stores in the Middle East, as well as locations in Egypt. It has recently entered India with three stores, with plans for 20 units in two ears. "We're looking at countries I've never heard of before."

Better malls also must be more open to newer growing chains, said Salim Sacoor, a member of the executive board of Sacoor Brothers, Sao Domingos de Rana, Portugal. The company, with stores in Portugal and Spain, recently expanded to Dubai. It is planning to open 40 stores in three years, including units in Turkey and Russia in 2008. It also is negotiating to open stores in Poland and Ukraine, and assessing Singapore, Malaysia and South Africa. "There are some innovative companies that don't have the opportunity to be in better locations," Sacoor said.