French retail giant Auchan has exited Dubai just two years after entering the emirate.
Auchan signed an agreement in 2008 with Dubai World to create a joint venture called Hypercorp. The retailer opened a 6,500sq m store a year later in the Dragon Mart shopping centre.
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However, the firm said today (6 January) that due to “the changing economic environment”, the store will close.
Auchan said the developments will have no impact on its accounts
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