Large-scale expansion is still on the agenda for international retailers in Europe next year, in spite of the challenging consumer environment and an increasing share of shopping being done online, according to global property adviser CBRE.

Nearly three quarters of international retailers (71%) are planning to open more than five stores in the Europe, Middle East and Africa (EMEA) region by the end of 2012, with 20% of retailers looking to open 40 stores or more in 2012 compared to 18% in 2011.

CBRE's annual research report - How Active are Retailers in EMEA? - was published at Mapic in Cannes. The report suggests retailers are targeting a wide range of countries in both mature and emerging markets in 2012, but are largely focused on opening stores in countries where they already have a presence - a similar strategy to that adopted in 2011.

For the first time, Italy leads the way as the most targeted country for retailer expansion moving up from eighth place in last year’s rankings. Italy is followed by Germany, Russia, Spain and France, to make up the top five 2012 retailer hotspots, with more than 30% of retailers targeting each country, CBRE said.

In recent years, retailers have focused on Germany, the UK, France and Spain, but many are now searching for new opportunities. Although the prospect for consumer spending growth in Italy is modest, there is a clear opportunity for retailers to expand into a market that is under-represented in terms of international brands and where a considerable amount of new retail development is taking place.

Germany's relatively strong economy continues to attract new retailers, while Russia has moved up from sixth position to third on the back of a strong economy and the prospect of further growth in consumer spending.