decline stage of industry cycle

Is every company faces decline stage of industry cycle? For example, I am not sure if wal-mart ever goes through decline cycle. ------------- Decline: Shifting tastes or technologies have overtaken the industry, and demand for its products steadily decreases. Profit margins are diminished, and participants consolidate, reinvent themselves, or fail.

pioneer,growth,mature and decline are terms applicable to the industry as a whole .so mass Retailing is a mature industry (well it is a growth industry in emerging markets). so walmart is a successful company in the mature industry space of retail. wireline telecom may soon become a declining industry ,given people liking for wireless stuff. (of course this is still a bit far away into the future,but that comes to my mind quickly)