A joint venture is a business arrangement where two or more companies collaborate and combine resources to undertake a specific project or establish a new business entity. Joint ventures in retail often occur when companies seek to leverage each other's expertise, technology, or market presence to achieve mutual benefits. This collaborative effort allows the involved parties to share risks, costs, and responsibilities while pursuing common business objectives. Joint ventures can take various forms, such as strategic partnerships, shared investments, or the creation of a new company specifically for the venture.