It already happened in most specialty retail sectors -- smaller players have either shut their doors or gotten eaten up by the larger competitors.
Borders is close to done, leaving Barnes & Noble alone in book sales. Linens 'n Things closed shop, making Bed Bath & Beyond the dominant force is home furnishings. Best Buy is now the lone major national electronics players after Circuit City's demise.
Some industry observers think the same thing should happen in office supplies, which traditionally has one strong performer, Staples, and two that consistently lag, OfficeMax and Office Depot.
But Staples is starting to hit some rough patches. It's stock fell 15%, sales slid in its most recent quarter and earnings are projected to come out lower than expected for the full year.
"Three players are at least one too many in this sector," retail analyst Gary Balter told Reuters. "Consolidation will be a necessity."
Of course, any kind of consolidation is bad for the retail real estate industry. But what would be the least painful? Staples buying either one of its rivals or a combination of OfficeMax and Office Depot?
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