Retail Media Breakfast Club

For years, we've debated where retail media belongs. Is it part of search? Is search part of retail media? In this episode, I revisit a question I posed 18 months ago after a thought-provoking essay from Hershey's Vinny Rinaldi helped clarify what I was missing.
I explore why retail media continues to be funded, measured, and evaluated differently from other media channels, and why that may have less to do with capabilities, and more to do with organizational structures and inherited expectations. I unpack the growing conversation around demand creation versus demand capture, the role of budget ownership, and why brands may need to rethink not just how they measure retail media, but what they expect it to accomplish in the first place.

This episode is sponsored by Mirakl Ads

Timeline
[00:00] - Why "awareness and sales" is often a vague marketing brief that creates more confusion than clarity
[01:16] - Revisiting the debate: Is retail media part of search, or is search part of retail media?
[02:31] - Why retail media may be better understood as a way of buying media rather than a standalone channel
[03:11] - Vinny Rinaldi's insight: retail media inherited the job description of the budgets it came from
[04:15] - What brands like Hershey and Supergoop are teaching us about integrating commerce media into broader marketing objectives
[07:24] - The measurement debate: Can retail media networks prove brand impact, or should brands bring their own measurement frameworks?

Links & Resources
The Agentic AI Revolution is here. The competitive edge belongs to those who move faster than disruption itself. Join Mirakl Ads and myself for Outpace in New York City on June 10, 2026. Strategies, insights, and connections built for the era of agentic commerce. Save your spot.
Read Vinny Rinaldi's essay: Demand Creation and Demand Capture Aren't Two Budgets. They're One System.
Follow Vinny Rinaldi, VP, Consumer Connections at Hershey, on LinkedIn
Read my related articles:Is retail media part of search, or is search part of retail media?
Whoever Owns the Budget Determines What Retail Media Is Allowed to Be
How Can RMNs Tap Upper-Funnel Brand Budgets

In Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP here
I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub
Subscribe to Retail Media Breakfast Club's daily newsletter
Follow Kiri Masters on LinkedIn

Last week, I facilitated a closed-door workshop with brand leaders, retailers, agencies, and technology partners at the P2PI Retail Media Summit in Chicago. While much of the conversation centered on AI's impact on retail media and shopping behavior, what surprised me most wasn't panic: it was curiosity. Despite all the headlines about disruption, most brands aren't seeing dramatic changes in ad performance or sales outcomes just yet.
What is changing, however, is where shopping journeys begin. In this episode, I unpack the emerging signals brands are seeing as consumers increasingly turn to AI assistants, communities, and social commerce platforms for product discovery. I explore the rise of "dark search," why traditional attribution models are becoming less reliable, the new metrics brands are experimenting with, and which retail media channels may be best positioned to withstand the AI-driven shift in shopper behavior.

This episode is sponsored by Mirakl Ads

Timeline
[00:00] Highlights from a closed-door workshop at the P2PI Retail Media Summit in Chicago
[02:03] What brands say is holding steady: ad conversions and sponsored product performance remain resilient
[03:00] The biggest shift brands are seeing: shopping journeys are increasingly starting outside traditional search
[03:45] Why Reddit, Pinterest, Wikipedia, TikTok Shop, and AI assistants are becoming key discovery channels
[05:50] Understanding "dark search" and why AI-driven influence is often invisible in analytics platforms
[07:33] New measurement frameworks emerge, including "share of agent recommendations" and agent readiness
[08:21] Which retail media channels may be most defensible against AI disruption, and why influencers could have a lasting advantage

Links & Resources
The Agentic AI Revolution is here. The competitive edge belongs to those who move faster than disruption itself. Join Mirakl Ads and myself at Outpace in New York City on June 10, 2026 for strategies, insights, and connections built for the era of agentic commerce. Save your spot.
Read my related articles:'Dark Search' Makes AI-Facilitated Commerce Look Smaller Than It Really Is
Why Agentic Shopping Poses an Existential Threat to Retail Media 
5 Markers Of A Lasting Shift

In Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP here
I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub
Subscribe to Retail Media Breakfast Club's daily newsletter
Follow Kiri Masters on LinkedIn

At Advertising Week New York, I had a surprising encounter that perfectly captured a growing sentiment in the advertising industry: that retail media is nothing more than a tax on brands. It’s a criticism I’ve heard more than once, and one that raises some important questions about where the industry stands today.
In this episode, I unpack the strongest arguments both for and against retail media’s future. Drawing on insights from leading industry voices, I explore whether retail media’s reputation problem is justified, why Amazon’s dominance continues to shape perceptions, and what could happen if retailers fail to evolve beyond the same old playbook. Is retail media truly becoming 'mid,' or are we underestimating one of the most important transformations in modern advertising?

This episode is sponsored by Mirakl Ads

Timeline
[00:00] My unexpected encounter at Advertising Week and the claim that retail media is “the scourge of the advertising world.”
[01:15] Why some industry leaders believe Amazon is the only real winner in retail media, and what they're missing.
[02:15] The bigger concern: retail media’s growing perception problem among both consumers and industry professionals.
[03:36] Andrew Lipsman explains why non-Amazon and non-search retail media are already massive businesses with significant growth ahead.
[05:54] Anne Hallock compares retail media’s current stage to the early days of programmatic advertising and explains why “clunky” doesn’t mean insignificant.
[07:30] Anna Laura Zane discusses why retailer data, not sponsored product ads, is becoming the industry's most valuable asset.
[08:30] The real risk facing retail media: retailers copying the same playbook without making meaningful investments in growth and innovation.

Links & Resources
The Agentic AI Revolution is here. The competitive edge belongs to those who move faster than disruption itself. Join Mirakl Ads and myself in New York City for Outpace on June 10, 2026. Strategies, insights, and connections built for the era of agentic commerce. Save your spot.
Subscribe to Andrew Lipsman's newsletter Media, Ads + Commerce
Follow Anne Hallock, VP Americas at Mirakl Ads, on LinkedIn
Follow Ana Laura Zain, Chief Marketing Officer at MetaRouter, on LinkedIn
Read my related articles:Is Retail Media Actually Kinda 'Mid'?
Is Retail Media Actually Kinda 'Mid'? PART 2
Dark Search, Broken Signals, and What Comes Next for Retail Media

In Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP here
I am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub
Subscribe to Retail Media Breakfast Club's daily newsletter
Follow Kiri Masters on LinkedIn

Retail media has spent years chasing top-line revenue growth, but what happens when growth alone is no longer enough? In this episode, I’m joined by Anne Hallock, VP Americas at Mirakl Ads, to kick off our three-part series, The Demons Inside Retail Media. Together, we unpack the first and perhaps most pressing challenge facing the industry today: the growth demon.
We explore why retailers are beginning to scrutinize retail media profitability, how internal pressures are reshaping expectations for retail media networks, and why driving the broader retail business — not just ad revenue — has become the new benchmark for success. From Costco’s member-first approach, to Home Depot’s self-serve scaling strategy, this conversation reveals the realities that retail media leaders can no longer afford to ignore.

This episode is sponsored by Mirakl Ads

Timeline
[00:00] Introducing The Demons Inside Retail Media series and the industry's biggest internal challenges.
[02:00] Why top-line revenue growth can become a trap, and why profitability is emerging as the new scorecard.
[03:25] Anne explains why profitability pressure is coming from inside the retailer, not from retail media teams themselves.
[05:15] How consulting firms, budget shifts, and internal politics are changing retail media accountability.
[06:45] Lessons from Costco: why retail media must strengthen the retailer’s core business flywheel.
[09:45] The role of technology, automation, and self-serve platforms in building profitable retail media networks.
[11:15] What Home Depot’s latest retail media investments reveal about the next phase of industry growth.

Links & Resources
The Agentic AI Revolution is here. The competitive edge belongs to those who move faster than disruption itself. Join Mirakl Ads and myself in New York City for Outpace on June 10, 2026. Strategies, insights, and connections built for the era of agentic commerce. Save your spot.
Follow Anne Hallock, VP Americas at Mirakl Ads, on LinkedIn
Read my related articles:Growth Beyond Amazon: Retail Media's Broader Opportunities
Long-Tail Advertisers Are A Quiet Growth Engine For Top Performing RMNs
'Brand Media Lowers the Tax You Pay on Growth,' says Gildan's Jason O'Toole

In Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP here
I am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub
Subscribe to Retail Media Breakfast Club's daily newsletter
Follow Kiri Masters on LinkedIn

I recently noticed something strange while selling items on Facebook Marketplace: automated buyers sending automated messages, met by my own automated seller responses. It got me thinking about a much bigger trend happening in retail media right now.
In this episode, I unpack the rapid rise of objective-based, AI-driven retail media buying and share the results of a LinkedIn poll I ran to find out what advertisers really think about handing campaign decisions over to algorithms. While automation promises efficiency, many marketers are raising important questions about transparency, control, incrementality, and long-term brand building. Are we removing friction from advertising, or removing humans from the process altogether?

This episode is sponsored by Mirakl Ads

Timeline
[00:00] The Facebook Marketplace experience that sparked a bigger question about automation
[01:07] How objective-based, AI-driven retail media buying mirrors the "bots talking to bots" phenomenon
[01:45] Results from my LinkedIn poll: what advertisers really think about AI-powered media buying
[04:00] Why automation may struggle to drive true incrementality, according to commerce media leaders
[04:40] Retailer bias, "ROAS jail," and the measurement challenges facing AI-driven ad platforms
[05:15] The risk of optimizing for short-term performance at the expense of brand equity
[06:00] The question I'm still wrestling with: are we removing friction, or removing ourselves?

Links & Resources
The Agentic AI Revolution is here. The competitive edge belongs to those who move faster than disruption itself. Join Mirakl Ads and myself in New York City on June 10, 2026 for strategies, insights, and connections built for the era of agentic commerce. Save your spot.
My AI-driven retail media buying LinkedIn poll
Follow Corey Buller, Senior Director of Commerce Media at dentsu, on LinkedIn
Follow Evan Walsh, who heads partnerships at measurement firm Incremental, on LinkedIn
Follow James Tenser, longtime retail tech analyst & journalist, on LinkedIn
Read my related articles:AI Agents & The Evolving Path to Purchase: How Brands Must Adapt
No Eyes on the Ad
Does 'Dark Search' Help or Harm Retail Media?

In Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP here
I'm sharing comedy skits about retail media on Instagram! Follow along: @retailmediabreakfastclub
Subscribe to Retail Media Breakfast Club's daily newsletter
Follow Kiri Masters on LinkedIn