With the process of retail internationalization gaining momentum, retailing is fast becoming a global industry. Indeed, many of the world's prominent retailers already derive a significant proportion of their sales from international operations. Early internationalization activities largely involved moves among developed economies. As of the new millennium, however, this pattern is changing as a growing number of international retailers shift their attention to developing economies. They are driven by the opportunities in these countries, such as high growth rates, growing middle-class, weakness of local retailers, and the maturation of retailing in the developed economies.