You are hereHome
French retailer Auchan shuts down Dubai hypermarket
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Fri January 7, 2011 10:07 pm
china wholesale market

UAE. The poor economic climate has forced French retailer Auchan and local partner RetailCorp to close the Auchan hypermarket in the shopping mall of DragonMart in Dubai, Auchan said.

The decision will however have no impact on Auchan's accounts, the company said in a statement.

Auchan signed in 2008 an agreement with Nakheel, a Dubai World company, to create a joint-venture called Hypercorp to operate across the Gulf. In August 2009, it opened its first Auchan hypermarket in Dubai with Retailcorp, also part of Dubai World.

Auchan is the world's 11th-largest food retailer, with 1,278 stores in 13 countries and 2009 sales of €39.7 billion. The company - controlled by the Mulliez family, one of the wealthiest and most secretive in France - competes with listed rivals Carrefour and Casino.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: August 28, 2015
INTERNATIONAL. Suspected anchors on the gold price, such as an interest rate increase and devaluation of the yuan, could actually be a rallying cry for commodities, he says in this interview with The Gold Report.
date:Posted: August 28, 2015
INTERNATIONAL. The Turkish Football Federation in a demonstration of the inseparable ties between sports and politics, has effectively declared its support for renewed Turkish-Kurdish hostilities.
date:Posted: August 28, 2015
INTERNATIONAL. "Now, that multi-trillion-dollar money-pumping bubble, which overinflated equity markets, is quickly deflating. And so, too, are the economies and commodities pumped up with it."
INTERNATIONAL. Leaving them to their own devices is no longer a viable option as the continuation of the conflict is hazardous and potentially explosive. The resumption of bilateral peace negotiations with US mediation alone will not succeed any more than the Obama administration's two previous efforts.
dhgate