What is Fair Market Value in Retail? Explained

Fair Market Value (FMV) is the objective and impartial evaluation of the worth of a product or asset in a competitive and open market. It signifies the price at which willing, informed buyers and sellers would agree on a transaction. In retail, understanding the fair market value is crucial for precise pricing, asset valuation, and equitable transactions. This concept serves as a benchmark, offering insights into the economic value of goods or assets within the framework of a free and open marketplace.