Department stores are likely to experience a wave of consolidation, according to the latest report from Bear Stearns retail analyst Steven Kernkraut. The new report, entitled "To Live or Let Die?", argues that consolidation will allow the department store business model to thrive well into the future. "Through mergers and acquisitions, department stores should be able to increase their strength and fend off discount stores and specialty stores that continue to eat away at their market share," Kernkraut said.