The relationships between large retailers and manufacturers are often perceived as conflicting, as part of a fierce struggle to get a share of value added. To extend its market power, the large retailer develops a short-term vision of exchange, with no will of long-term commitment. However, the literature insists on the emergence of a new form of relational dynamics that breaks with the old ways of relationship governance. The paper examines the reality of this mutation from a field study conducted in an emerging country, and concludes with the adoption of a long-term orientation by the large retailer, under a number of specific conditions.