It's possible that Albertsons could come back after they get their act together and reorganize, etc.. The store on Mathilda at Maude in Sunnyvale is really a nice store. If they don't want to come back to Palo Alto I suspect they would loosen up on the 18,000 sq. ft limit on a grocery store. The other nearby stores were probably open when they put that limit in the sale contract..
If a good, competative, large store dosen't come to 'Alma Plaza the south and west Palo Alto residents need to get together and demand bus service to the Mt View, SanAntonia shopping area. Demand it from the VTA and/or city of Palo Alto and or city of Mt View or all working together to get a frequent shuttle service for maybe a small fee. It would save car trips, lower traffic reduce CO2 ,etc.
The Safeway in Midtown is a nice store ,but is small, limited parking and miles from south and west Palo Alto.