Margin compression and bloated legacy costs will continue to fuel consolidation. Players like The Kraft Heinz Company, 3G, and private equity will continue to acquire branded companies ripe for cost-cutting. Several appealing targets are ahead of the trend and rightsizing proactively and as a deterrence (Kellogg, General Mills, Campbell Soup); others will get caught flat-footed, and absent “poison pill” alternatives will get caught in the broader dynamic. The real estate impact will be a steady supply of larger and obsolete properties, with discounted pricing offered as a necessary transaction driver.