I think the best way to deal with aggression is to avoid it in the first place. In other words, do your research on species and compatibility, and stock accordingly. However, as akapaul said, it's still possible to get a fluke fish that is unusually aggressive.
As stated, breaking up lines of sight will help quell aggression. Understocking is one of the best ways to prevent aggression, because behavior gets all out of whack when fish are forced into smaller "personal" space. Imagine having to share a studio apartment with 10 other people. Even if they used to be your best friends, the stress of getting in each other's way every day will lead to problems.
While it might seem contradictory that ADDING fish could help aggression, it's only because it helps diffuse the energy to more than one fish (as Ms. Bubbles said). It won't actually get rid of the cause of the aggression, though. This is a common technique employed by cichlid keepers, who know to expect their fish to fight.
If you can't return the fish to the store, other solutions I've made were to buy a separate tank for the bully. I have a male molly who was too aggressive to play well with others. I wanted to donate him to a store, but my boyfriend liked him too much to let me give him away. So he bought him a whole new tank.
Other solutions I've used were tank dividers. If the fish is REALLy aggressive, though, just the sight of the other fish may send it into fits and it might end up hurting itself on the divider. I currently use one between the molly and my male betta, and they ignore each other, luckily. That tank is my "bachelor pad"
