At XVAL, we help hundreds of retailers and investors every year to increase the value of their businesses. Whether you're looking to sell a bakery, buy a brasserie or value a supermarket, our mission is to give clarity to the figures so that you can make confident decisions. In this respect, Altares' 2025 study on business sales is an essential benchmark. We take a look at the main trends.
A market on the rebound, but still far from pre-2015 levels
With 31,703 business sales in 2024, the market is up 2.5% on 2023. However, this recovery remains fragile: the volume is still a third lower than in 2010-2015, when there were an average of 45,000 transactions per year.
But while volumes stagnated, prices soared: the average sale price reached a record €258,314, up 5.7%. This figure climbs to €400,486 in retail activities, boosted by supermarkets, where the average price peaks at almost €1.89 million (+76%!).
Business valuation: taking over a business remains a winning strategy
Beyond the figures, the Altares study confirms a strategic reality: taking over an existing business is safer than creating one from scratch. The 3-year survival rate for businesses resulting from a takeover is 92%, compared with 75% for traditional start-ups (excluding micro-businesses). An essential factor for investors: a business already in operation, with its clientele, suppliers and local visibility, represents a solid asset. At XVAL, we integrate these qualitative elements into our approach to business valuationWe go far beyond simple sales figures.
Foodservice still the market driver
In terms of volume, traditional foodservice remains in first place (4,624 transactions, +2.8%), followed by fast food (3,139, +2.4%) and cafés (2,518, +4.2%). Of note: bakery-pastry rebounds strongly after a slump in 2023, with a +9.7% increase (1,375 sales) and an average price of €227,411, up.
Trade valuation: major regional differences
The value of a business varies greatly from one region to another. In 2024, the Hauts-de-France region posted a record average price of €403,274 (+59.8%), driven by supermarket takeovers (notably of Casino chains by Intermarché and Auchan). Conversely, prices in Occitanie and Grand Est fell (-2.9% and -6.5% respectively).
Small towns (5,000 to 20,000 inhabitants) also stood out, with a 4.3% increase in volume and an average price of €254,665 (+9.2%). This renewed attractiveness confirms the importance of a business valuation rooted in the local fabric, beyond the major metropolises.
Marked differences in valuation by business sector
The supermarket sector clearly dominates the ranking of the most expensive business assets, with an average price of €1.88 million (+76.3%). It is ahead of pharmacies, historically in the lead, with an average price of €1.23 million, down slightly this year (-4.6%). Next in line are hotels (€485,888), tobacconists (€372,808) and stationery and bookshops (€318,086). On the other hand, sectors such as hairdressing (€68,065) and dry cleaners (€70,614) show much more modest levels of disposals, even though they may be strategic in monopoly areas.
Convenience food stores: keeping a close eye on value creation
Among food retailers, grocery sales are impressively buoyant, with an 11% increase and a soaring average price of €167,485 (+46.4%). Butchers, for their part, saw strong growth in volume (+27%) despite a slight drop in average price (-4.9%). The bakery-pâtisserie sector combined increased volume (+9.7%) with a solid average valuation (€227,411, +3%), making it an increasingly popular sector for buyers.
Services, garages and clothing: contrasting dynamics
Car garages recorded a 3.6% increase in the number of transactions and an average price up 8.9% (€170,977), confirming the interest in this sector with its strong need for skilled workers. Conversely, the clothing trade is in decline, with a 7.6% fall in the number of sales and a sharp drop in the average price to €130,115 (-18.1%). The beauty care sector remains relatively stable, with an average price of €74,561, making it an accessible target for first-time buyers.
Typical buyer and seller profiles
The typical seller of a business is 52 years old, the buyer 42. In 80% of cases, the business taken over has been in existence for more than 5 years, and often even more than 15. Good news for buyers: the 3-year survival rate is 92%, far higher than for start-ups from scratch (75%).
Business takeovers: SMEs and ETIs in ambush
Another striking fact is that, while 92% of transactions involved very small businesses, the most dynamic growth came from SMEs with 50 or more employees, with a 12.2% increase in acquisitions. Established companies are no longer hesitating to integrate sales outlets, spin off subsidiaries or consolidate their network. The same trend can be seen in the case of large companies with over 250 employees (+7.3%). This confirms the importance of precise, structured sales promotion, particularly when negotiating with professional buyers. This is where XVAL deploys all its expertise to support sellers.
Using taxation to enhance value
The temporary tax regime in force until the end of 2025 allows VSEs to depreciate their goodwill over 10 years. This is an incentive that can boost a buyback operation despite the high interest rate environment.
At XVAL, we put our expertise at the service of accurate, well-founded and up-to-date business valuations. Whether you're looking to sell, buy or simply know the value of your business, our approach is based on the latest market data, rigorous financial models and in-depth sector knowledge.
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ALTARES 2025 STUDY: https: //www.altares.com/whitepapers/etude-ventes-et-cessions-de-fonds-de-commerce-bilan-2024/
