International expansion by retailers continued throughout 2008 despite the tough global economic climate, a report has revealed.

Retailers expanded their international footprint by an average of 12 per cent last year, according to property firm CB Richard Ellis’s report, “How Global is the Business of Retail?”

The findings are based on a survey of 280 international retailers.

The CBRE report also revealed that retailers are still looking globally for expansion possibilities, with 40 per cent of overseas transactions taking place outside retailers’ home regions.

But CBRE head of cross border retail EMEA Peter Gold said that while international expansion was likely to continue, it would be at a “slower pace than in recent years.”

“In general terms, the globalisation of retailing is still in its relative infancy and is undoubtedly an ongoing long-term trend which is not going away,” he said.