In 1986, Tom Stemberg opened the first Staples superstore in Massachusetts. Stationery retailers have not stood still since. By 1990, Mr Stemberg’s disruptive bright idea had spawned dozens of lookalike office supply warehouses. “When people asked how it felt to be the father of the industry, my answer was ‘I wish I’d used a condom’,” Mr Stemberg tells me.

Consolidation followed, but in 1997, regulators blocked Staples’ bid for Office Depot. Last week, Office Depot again agreed to be bought by Staples, for $6.3bn. Antitrust approval is not a given, but what the US Federal Trade Commission deemed a potentially dominant position 18 years ago now looks more like a defensive necessity.

So is that it for the category-killing, big-box retail trend of which Staples was part? Almost certainly not. The industry can still teach others a few lessons about strategy — and they are not all gloomy.