Armenia has been included in the list of the countries which are attractive for retail investment.

A number of small countries with unique characteristics of wealth and consumer focus are ranked in the 2013 Global Retail Development Index, including Uruguay (3rd), Mongolia (7th), Georgia (8th), and Armenia (10th).

The ranking issued by A.T. Kearney consulting company suggests that Central Asia and Eastern Europe offer fertile ground for retailers.

With economic stalwarts such as Turkey and Russia improving their standing and little "gems" such as Armenia becoming more attractive to global players, these markets have avoided the stagnation of their more developed Western European neighbors.

“Rising incomes and improved living standards in Armenia (10th) have paved the way for retail growth. Armenia's government officially welcomes foreign investment, and several global indices rank it as a strong place to do business,” the statement says.

Among the challenges mentioned by the experts are small population, geographical isolation due to closed borders with Turkey and Azerbaijan, a relatively low per capita GDP of about $5,600, and corruption in both the official and commercial spheres.

However, it is mentioned that foreign investors have significant room for development as supermarkets and grocery chains gradually replace open-air bazaars and street vendors.

Top ten includes Brazil, Chile, Uruguay, China, UAE, Turkey, Mongolia, Georgian, Kuwait and Armenia.