The industry has just come off a period of intense consolidation activity involving some of the best-known names in food retailing. The question all this activity engenders has to do with the future of retail consolidation: Has the current phase just about run out of steam, or should we anticipate quite a lot more consolidation? There is a simple argument to be made that consolidation will end. It is that since targets of opportunity become fewer and fewer with each merger, it must all end. ...

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