US retail lull means prep time for int'l expansion

* Mexico, Asia, Russia seen as likely markets

* Franchise model continues to be popular, with lower risk

* Outlets also seen as growth engine

By Alexandria Sage

LAS VEGAS, May 29 (Reuters) - U.S. retail giants in home furnishings, food and clothing are expected to push into emerging markets such as Mexico, Brazil and China, once the U.S. economy and cash flows improve, executives said.

"There are a lot of retailers who are in defensive mode right now, but a lot of retailers still have ambition to go abroad," said Anthony Buono, executive managing director of CB Richard Ellis (CBG.N: Quote, Profile, Research), the world's largest commercial real estate services company.

Global retailers are eyeing new markets, Buono said at the International Council of Shopping Centers' RECon retail real estate show in Las Vegas last week.

Growth in Latin America, the Middle East and Asia as well as the prospect of a shrinking domestic economy is causing U.S. corporations to look abroad.

U.S. brands already expanding globally include Collective Brands Inc (PSS.N: Quote, Profile, Research), owner of PayLess, which has its highest-performing stores in Colombia and Dunkin' Brands, which is operating Dunkin' Donuts shops in 31 countries from Bulgaria to Qatar.