Previous researches show that market proximity model from the practice of internationalization of the retail industry in western developed countries is an important theoretical basis for the selection of target market. In this model, geographical distance and cultural similarity are important driving factors for overseas target market selection. Based on the questionnaire survey about 41 of top 100 chain companies in China’s retail industry and 45 experts in international business field, the five major goals of “The Belt & Road Initiative”, and the integrated competitiveness of related industries of China’s retail sector, have significantly positive effect on the decision-making which promotes China’s retail companies adapting to “the Belt and Road Initiative” and then the feasibility of entering “B&R”-countries. Meanwhile, the moderating effects of geographical distance and cultural similarity on overseas target market selection have not been confirmed. Therefore, the B&R”-countries are important target markets for China’s retail industry "Going out ". As such, active efforts should be made to explore the integrated and interactive development mechanism between the “B&R” and retail internationalization strategy.