diff --git a/src/syncterm/GNUmakefile b/src/syncterm/GNUmakefile
index 8b41ce36bbe84ffce58dba11927fb8210b0aebd3..cee4b593df6f4eed845e08748d84723a881956fb 100644
--- a/src/syncterm/GNUmakefile
+++ b/src/syncterm/GNUmakefile
@@ -153,7 +153,9 @@ ifdef win
 endif
 
 ifdef WITH_RETRO
- LDFLAGS += -shared
+ ifndef win
+  LDFLAGS += -shared
+ endif
 endif
 
 $(MTOBJODIR)$(DIRSEP)ciolib_res$(OFILE): ${CIOLIB-MT}