Mongolia - A small gem to watch!

Population: 2.9 million 
Total retail sales: $4.2 billion Retail sales 
CAGR (2010–2014): 15.8% \

Resource-rich Mongolia, unranked last year, reemerges in 5th place behind rapid growth and low market saturation. Mongolia's country risk is among the highest in the GRDI, but it also has the highest market potential (see figure 3). GDP has grown at a CAGR of 11 percent since 2010, driven mainly by copper and coal mining, while its retail sales growth rate is among the highest of any developing market in Asia

Although growth has slowed recently, international entrants have plenty of opportunity in a still-fragmented market dominated by traditional retail. The luxury market may have the biggest potential as Mongolia sits on deposits worth more than $1.3 trillion. The concentration of wealth has attracted luxury brands such as Burberry, Damiani, Louis Vuitton, Swarovski, and Zegna, who all have stores in UlaanBaatar Central Mall. Food, representing two-thirds of the total retail market, has also drawn attention from international and regional retailers. Tavan Bogd Foods opened the first KFC franchise in 2013 and plans to open 15 more restaurants over the next five years. Korean cafe Tom N Toms entered Mongolia through a joint venture in 2014, and Korean coffee chain Caffe bene opened two stores in early 2015 with plans to open 20 by next year. Max group opened Burger King in 2015. 

Source:

https://www.atkearney.com/consumer-products-retail/global-retail-development-index/current-research-detail