P&G understands consumer needs here and abroad

Implications: History is a great teacher and P&G seems to understand that. The consumer in the emerging markets is very much like the consumers in the U.S. in the early 20th century, relative to wants and needs. Location and convenience in shopping are  primary needs for the mass market.

Analysis: While large cities are ideal for large retailers such as Wal-Mart, it is important to remember that much of the population in the emerging markets live in rural areas, small towns and villages. Also noteworthy is the fact that much of the manufacturing in China, as an example, is moving  inland toward these towns and villages, not away from them, as labor is less expensive.
As in the early 20th century in this country, marketeers must go to the consumer versus asking the consumer to come to them. Transportation is still an issue. Emerging market consumers in these towns and villages do not have mass transit. They do not own automobiles. They, in many cases, still travel by bicycle or on foot. THe large retailers cannot build outlets in all of these areas. Therefore, it will be the "mom and pop" who will provide the goods.
A major growth area, will be in distribution. There will have to be distributors/wholesalers to service this market, most probably localized companies.