Consolidation commands the spotlight.

CDR Special Report -- The chain drug story in 1997, as it has been for every year in this decade, was consolidation.

Last year saw the absorption of such legendary drug chains as Harco Drug, K&B Inc. and Revco D.S., along with several others of slightly lesser stature. It saw the assimilation of such once-pivotal drug chains as PayLess Drug Stores and Thrifty Corp., Thrift Drug and Fay's Inc.

Acquisitions have always been a part of chain drug retailing., Last year, they became its centerpiece -- and central theme. The secondary theme was the creation of four $10 billion drug chains, retailers that, virtually overnight, came to dominate chain drug retailing every bit as dramatically as Kmart Corp., Target Stores and Wal-Mart Stores Inc. came to rule discount …