To tweak a phrase, "Own globally, market locally." That seems to be the message implicit in the current devolution of the late 1990s era of consolidation. As is pointed out in this week's news feature referenced on the front page, that era was powered by a quest for bigness. The thinking was that since Wal-Mart Stores has achieved such size, acquisitions would give longer-established retailers that didn't seem to have the capacity for organic growth a way to bulk up rapidly. Manufacturers, ...

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