Retail Media Breakfast Club

Are there really only 10 or 20 successful retail media networks, or are we overlooking the value of the other 180? A recent LinkedIn post from Brian Spencer at Kroger Precision Marketing sparked a debate about what it takes to be a successful retail media network, and I wanted to dig into one of his key criteria: scale. Because while scale absolutely matters to some advertisers, I think the bigger question is: scale for whom?

In this episode, I unpack why national CPG media teams gravitate toward the biggest retail media networks, what that means for smaller and regional players, and why shopper marketing teams could be the key to unlocking the long tail of retail media. From Amazon and Walmart, to Woolworths in Australia and H-E-B in Texas, I explore why a network that looks small on a national media plan can be absolutely critical to winning in a specific market. And as the biggest networks chase upper-funnel brand budgets, I look at the very different growth challenges facing the rest of the industry.

This episode is sponsored by GrowthLoop
Timeline
[00:00] – The LinkedIn debate that got me thinking: Are there really only 10 or 20 successful retail media networks?
[02:10] – Why even the biggest CPG advertisers don't want to manage more retail media networks.
[03:14] – Inside the $1 billion club: The commerce media networks publicly reporting more than $1 billion in ad revenue.
[06:00] – Why scale is relative, and why regional retail media networks still matter in markets like New Zealand, Ireland, and Australia.
[09:22] – Who buys the long tail? Why shopper marketing teams could be the answer for smaller retail media networks.
[12:24] – How two things can be true: Only a handful of networks may matter to national media directors, while hundreds remain relevant locally.
[13:01] – The retail media doom loop: Why scale, technology, talent, and advertiser budgets are so difficult to balance.

Links & Resources
The LinkedIn post from Brian Spencer that sparked the debate
Follow Brian Spencer, Marketing Director at Kroger Precision Marketing, on LinkedIn
Read my related articles:Some Retailers Want to Power Other Retailers' Ad Businesses. Will It work?
7 Ways to Break the Retail Media Doom Loop
What It Actually Takes to Build a Retail Media Federation
The Retail Media Doom Loop: 2026 Edition
How Can RMNs Tap Upper-Funnel Brand Budgets

Check out Basket Case, a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series where we talk shop.
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

Consumer AI is growing at an incredible pace, but here's the thing: even though millions of people are using AI, very few are actually paying for it. So how are these platforms going to make money, and what does that mean for retail media and the future of shopping?
In this episode, I'm digging into some fascinating new research from Andreessen Horowitz on consumer AI adoption, spending habits, and the business models emerging around these platforms. I explore why people are willing to pay for productivity but not necessarily everyday consumer queries, why advertising could become the dominant monetization model for AI agents, and what a potential ChatGPT wallet could mean for closed-loop measurement and retailers' first-party data. Plus, I look at the race to build the winning AI shopping experience and why retailers need to think carefully about whether to embrace or block emerging AI agents.

This episode is sponsored by GrowthLoop
Timeline
[01:24] — AI adoption is booming, but few consumers are willing to pay for it.
[04:02] — Why people want to spend time, not just save it, and what that means for AI shopping.
[06:15] — Why subscriptions may not be enough, and why advertising could become AI’s dominant revenue model.
[09:30] — How a potential ChatGPT wallet could reshape retail media measurement and first-party data.
[12:36] — Why the race to build the winning AI shopping experience is still wide open.
[13:38] — Why retailers need to think carefully before blocking AI shopping agents.

Links & Resources
Andreessen Horowitz just dropped some major insights on their blog about the adoption of consumer AI technology. Read the full research report at the a16z blog.
Listen to the recent The a16z Show podcast episode that discusses the research: The Top 100 Consumer AI Apps: Who’s Actually Paying?
Subscribe to The a16z Show on Apple Podcasts
Read my related articles:Not all shopping is fun
Why Agentic Shopping Poses an Existential Threat to Retail Media (Part 1)
Agentic Shopping Poses An Existential Threat To Retail Media (Part 2)
Agentic Shopping Might Seem Crazy. So Did Self-Service Supermarkets.

Check out Basket Case, a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series talking shop: latest episode
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

The retail media landscape is getting more crowded by the week. McDonald’s, Simon Property Group, Delta, and a growing list of other companies are launching commerce media businesses. But does the world actually need more retail media networks? In this episode, I share Matthew Fantazier's latest 'hot take' on the explosion of commerce media and add my own perspective on the biggest question facing these new networks: who is this actually for?
I also dig into the rise of consumer-facing AI agents and what it could mean for advertising, commerce, and consumer trust. If AI agents start making purchases on our behalf, who gets paid, how will brands compete for those transactions, and could paid placement quietly become the next evolution of retail media? There are some big questions ahead, and I’m not convinced we’re ready for the answers.

This episode is sponsored by GrowthLoop
Timeline
[00:58] - Why the retail media network boom shows no signs of slowing down
[02:20] - The question every new commerce media business needs to answer: “Who is this for?”
[03:31] - Why brands may not want to add another 10 retail media networks to their media plans
[04:34] - The problem with retailers copying Amazon and Walmart instead of building on what makes them unique
[06:18] - What consumer-facing AI agents could mean for shopping and advertising
[09:15] - Who pays for AI agents — and why that question could transform retail media
[10:30] - Why paid rankings inside AI agents could create a major consumer trust problem

Links & Resources
Today's newsletter is contributed by Matthew Fantazier, Vice President, Data Partnerships at The Trade Desk. Matt's newsletter, Matt's Hot Take is one of my personal favorites. You can subscribe to it on LinkedIn or Substack. 
Follow Matthew Fantazier on LinkedIn
Here's the links to the various 'Hello World' announcements from the various new retail media networks' GMs on LinkedIn, if you want to see how they are crafting their USPs in real-time:Chris Lindquist , VP/GM at McDonald’s Media Network
John Carlson, VP, Simon Property Group
Arvin Nuldloll, SVP Revenue and Audience Strategy at Citi
Keri Paison, MD & Head of Delta's Media Network

Read my related articles:Some Retailers Want to Power Other Retailers' Ad Businesses. Will It Work?
Retail Media's Fermi Paradox
RMNs Have A Marketing Problem

Check out Basket Case, a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series where we talk shop.
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

There’s a lot of talk in retail media about better measurement, incrementality, and finding the one metric that finally tells us what’s really working. But sometimes the metrics we’re using are… well, bulldust. In this episode, I dig into why measurement looks so different depending on which side of the table you’re sitting on, and why retailers and brands can both feel like they’re doing the right thing while talking completely past each other.
I also revisit the question of why ROAS refuses to die. Is it actually a useless metric, or does it persist because brands genuinely need a common currency and early signals to guide media planning? I look at sales lift, incrementality, MTA, basket lift and other signals — and why the real challenge may be less about finding a perfect metric and more about getting both sides to agree on what they’re actually trying to measure.

This episode is sponsored by GrowthLoop
Timeline
[00:00] - Why “purchase intent velocity” is the perfect example of a bullshit retail media metric
[01:00] - Why retailers and brands see measurement gaps very differently
[02:16] - How methodological choices can dramatically change incremental ROAS
[03:22] - Why sales lift may be the closest thing retail media has to a standardized measurement currency
[04:30] - The media-planning problem that makes ROAS so difficult to replace
[06:33] - Why ROAS persists, and the case for using it with much more context
[09:55] - Why retail media measurement ultimately comes down to incentives

Links & Resources
Check out my latest skit video for the Basket Case podcast from The Drum & QSIC featuring a brand CMO with main-character energy who is quite pleased with herself for inventing a new performance metric! Watch here
Albertson's and Ovative group's recent iROAS Demystified white paper found that  methodological choices alone can swing incremental ROAS by 6.5x
See the full range of comments under my Why ROAS Refuses To Die post on LinkedIn
Read my related articles:iROAS results can be easily gamed. But we shouldn't just throw it away
RMNs Are Launching MTA. Do Brands Want It? [Part 1]
Why ROAS Refuses To Die

Check out Basket Case, a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series where we talk shop.
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

I recently took a closer look at what Best Buy Ads is building, and what it tells us about where retail media is heading. Best Buy was one of the early retailers to launch sponsored product ads, but at its latest showcase, that familiar ad format was barely part of the conversation. Instead, the spotlight was on connected TV, creators, TikTok Shop, its production studio, and new measurement capabilities.
I think that shift tells us something important about the future of retail media. Brands increasingly want retail media to do more than drive an immediate sale, while AI is changing how shoppers arrive at retailers in the first place. In this episode, I unpack why Best Buy may be looking beyond the traditional search-results-page model, what its new measurement research says about the brand-building potential of retail media, and why the retailers with the most distinctive assets may be best positioned to move beyond sponsored products.

This episode is sponsored by GrowthLoop
Timeline
[00:15] - Exploring the gap between brands’ interest in retail media brand-building and where their budgets are actually going
[01:15] - What Best Buy Ads showcased beyond sponsored products, including CTV, creators, TikTok Shop, and measurement
[03:30] - Why Best Buy’s showcase suggests its growth ambitions are moving beyond the search results page
[05:15] - How AI and LLMs could change the shopper journey—and potentially reduce traditional sponsored product opportunities
[08:30] - Breaking down Best Buy’s Circana marketing mix model and its findings on ROAS, media contribution, and brand equity
[10:24] - Why Best Buy’s distinctive retail assets could help it move beyond interchangeable retail media networks

Links & Resources
Follow Patrick Albano, Chief Revenue Officer at Best Buy Ads, on LinkedIn
Read my related articles:Best Buy Wants To Become An Ad Platform, Not Just Another RMN
Best Buy's Marketplace Bet Is Really About Ad Revenue
Why Agentic Shopping Poses an Existential Threat to Retail Media (Part 1)
Agentic Shopping Poses An Existential Threat To Retail Media (Part 2)
Everyone's Going Gaga Over Creators. I Had Some Questions.
The Fairy Godmother Of Retail Media, Cara Pratt, On Her New Agenda At Circana

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