The Dubai developer Nakheel has pulled out of a joint venture with the French hypermarket chain Auchan because of the economic climate, Auchan says.
Auchan closed its hypermarket in Nakheel's Dragon Mart at the end of last year after Nakheel said it did not want to proceed with their joint plans to open 55 stores across the Gulf over 10 years, said Leandre Boulez, a director of Auchan and one of the board members of Auchan Dubai.
"The first store opened and it grew progressively, but because of the economic situation Nakheel decided to review its position regarding the development of its own retail activity. And so they have decided not to continue with this franchise."
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