The topics discussed by retailers are changing dramatically as they deal with the enormous changes taking place in the industry. Technology is key but technology alone will never solve the industry’s problems.

Among the major retailers, only seven appear certain to survive. Three are based in Seattle. Three are based in the middle of the country. And there’s a wildcard.

A prominent analyst has predicted that Amazon will buy Target this year, but that combination could erase one of the ways that Amazon is unique: its very low cost of capital.