Takeovers, disposals and restructuring. 2025 saw many changes in the supermarket sector. In France, a new network of supermarkets is gradually being put in place. The experts at AURIS Finance, a consultancy specialising in mergers and acquisitions, explain and analyse the situation.
The mass retail sector has undergone major upheaval since the pandemic. In France, the various lockdown periods have altered consumer habits. The more affluent urban population has moved away from supermarkets towards convenience stores and local producers.
This was an initial setback for the major distributors, who then had to contend with an inflationary environment. From 2021 onwards, rising energy costs and regulatory pressures necessitated further strategic adjustments. The retail giants then began optimising and rationalising their network across France.
A strong tendency towards concentration
Against this backdrop, there has been a series of mergers and acquisitions, reflecting the desire of companies to strengthen their position in certain market segments while abandoning less profitable areas. The mass retail sector then entered a phase of consolidation. The Casino Group, in dire financial straits, began restructuring. The other sector giants took advantage of this to make their acquisitions. In January 2024, Carrefour took over 27 Casino shops, while Auchan and Intermarché jointly acquired 288 of Casino’s hypermarkets and supermarkets in France. This substantial takeover was made possible by the French Competition Authority granting exemptions from the suspensive effect of merger control.
Strategic realignments
Over the last two years, Carrefour has continued to overhaul its network of stores in France. In September 2025, the group acquired Cora. This acquisition, one of the group’s biggest in France since 1999 and the takeover of Promodès, saw Carrefour take ownership of 60 hypermarkets in France. This acquisition was accompanied by a number of strategic adjustments, including the sale of 9 regional stores, enabling the group to refocus on more localised offerings.
The co-operative model is gaining ground
Meanwhile, cooperative players such as Super U (Coopérative U) and Les Mousquetaires (Intermarché, Netto) are experiencing strong growth. Coopérative U had a record year in 2024, with sales excluding fuel increasing by 4% year-on-year. Les Mousquetaires also performed well, with an increase driven in particular by the takeover of Casino shops and an expansion of the store base.
Newcomers
In this new landscape, hard discounters are also performing well. Some companies (such as Lidl) have made good progress thanks to strong consumer demand for low prices. The number of hard discount shops in France has doubled since 2020, reaching around 4,500 by 2025.
Our experts at your service
While hypermarkets reigned supreme ten years ago, today it is intermediate formats and the diversification of sales channels that dictate strategy. Groups are no longer thinking in terms of square metres, but rather how their different formats complement each other. Drive-throughs are making supermarkets more appealing, while online marketplaces are complementing their physical offerings. We can expect to see a number of new developments in the coming months. At AURIS Finance, our experts specialise by sector. Our retail specialists can assist with disposals, takeovers, and financing.
