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

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: January 22, 2018
UAE. Diversity, New interviewing tools, Data and Artificial Intelligence were identified based on numerous expert interviews and a survey of 9,000 talent leaders and hiring managers.
date:Posted: January 22, 2018
LONDON. Ending absolute poverty is best done by ensuring the right institutional framework exists to enable economic growth. But instead, Oxfam is promoting a race to the bottom.
date:Posted: January 22, 2018
UAE. All sectors of the market remain in the downturn stage of their cycle, according to JLL's UAE Real Estate Market Overview for 2017; The start of 2018 could see a reduction in activity and performance due to uncertainties around the impact of VAT.
dhgate