Retail Media Breakfast Club

Fresh from Cannes Lions, I'm unpacking one of the biggest themes that kept surfacing across analyst discussions: retail media's greatest obstacles aren't external — they're internal. While everyone is focused on AI, tariffs, and the next wave of disruption, the conversations I heard pointed somewhere much closer to home. Misaligned organizations, inconsistent measurement, and teams speaking the same language but meaning completely different things may be holding retail media back more than any emerging technology.
I also share highlights from an analyst panel featuring Sarah Marzano, Andrew Lipsman, Debbie Aho Williamson and myself. We debated "dark search," AI-assisted shopping, attribution, and whether generative AI is fundamentally changing commerce, or simply accelerating trends that were already underway. If you're trying to understand where retail media is headed next, this episode connects the dots.

This episode is sponsored by Mirakl Ads

Timeline
[01:00] eMarketer's forecast: Retail media surpasses $100 billion, and why slower growth could actually signal maturity.
[02:16] The "same words, different forks" analogy explains why brands, retailers, and media teams keep talking past one another.
[03:49] I share my perspective on "dark search" and how AI assistants are quietly reshaping product discovery before shoppers ever reach a retailer.
[05:25] Andrew Lipsman challenges the "dark search" narrative, arguing the real issue is attribution, not visibility.
[07:09] Our debate turns to agentic commerce: Is AI changing shopping behavior or simply improving search?
[08:30] Debbie Aho Williamson shares real-world ChatGPT shopping examples and early advertising data that could reshape how retailers think about discovery.

Links & Resources
Thanks to Sensor Tower for inviting me to speak at this event. You can check out their retail media insghts offering here.
US retail media passes $100 billion by 2029
eMarketer's survey of RMN leaders, run with Bain
Reality Check(mate), Andrew Lipsman's most recent volley
Sensor Tower numbers on early ChatGPT advertising
Read my related articles:The Demons Inside Retail Media, Part 1: GROWTH
Does 'Dark Search' Help or Harm Retail Media?

I am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub
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When I sat down with Harvey Ma at Cannes Lions this week, I wanted to understand what was really happening behind Walmart’s announcement that it was bringing Walmart Connect, Walmart Connect International, and Sam’s Club’s retail media business into closer alignment. On the surface, it looks like a straightforward consolidation storY. But as Harvey explained, the reality is much more nuanced.
In this episode, I unpack what the new Sam’s Club Connect brand means for advertisers, how Walmart and Sam’s Club plan to share technology and measurement capabilities, and why maintaining distinct shopper experiences may be more important than achieving scale. I also explore the surprising differences between Walmart shoppers and Sam’s Club members, and what this tells us about the future of retail media consolidation.

This episode is sponsored by Mirakl Ads

Timeline
00:24 – Walmart announces a major restructuring of its global advertising business, bringing Walmart Connect and Sam’s Club closer together.
02:05 – What the launch of Sam’s Club Connect actually means and why “operate separately, increasingly aligned” is the key phrase to understand.
03:31 – Harvey explains how Sam’s Club’s deterministic member data creates a unique measurement advantage that can benefit Walmart.
04:10 – How Sam’s Club’s experiential retail media expertise—from demos to sampling—could influence Walmart’s broader strategy.
06:19 – Harvey shares why the overlap between Walmart shoppers and Sam’s Club members may be much smaller than advertisers assume.
07:57 – The biggest misconception about the announcement: why Walmart isn’t trying to create “one blob” of retail media.
09:05 – What the Sam’s Club Connect rebrand reveals about retail media consolidation, commerce media networks, and the limits of scale.

Links & Resources
Follow Harvey Ma, VP & GM, Sam’s Club Connect Retail Media, on LinkedIn
Read my related articles:'Not A Tax': How Sam's Club Is Fixing Retail Media's Trust Problem (Forbes)
Sam's Club Cracked the Code on In-Store Retail Media—Here's How They Did It
Sam's Club Bets Big on 'Experiential' Retail Media
What if there really are too many commerce media networks?

I am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub
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I’m coming to you once again from Cannes, this time from the PayPal Ads Café on the Croisette. It’s been a whirlwind few days here, not just in terms of meetings and panels, but also the unexpected number of conversations I’m having about my upcoming move from the U.S. back to Australia. Let’s just say the global retail media community has opinions.
In today’s dispatch, I’m sharing early signals from Cannes around agentic media buying, retail data infrastructure, and the evolving intersection of creators and retail media. From Walmart’s latest moves with Sam’s Club Connect, to how CPGs are thinking about data lakes and in-store stock accuracy, to the rise of hyper-local creative and 3D digital out-of-home, there’s a lot shaping what comes next for retail media.

This episode is sponsored by Mirakl Ads

Timeline
[00:00] Kicking off from Cannes: reflections from the PayPal Ads Café and the unexpected reactions to my move back to Australia.
[00:45] A preview of tomorrow’s conversation with Harvey Ma from Sam’s Club Connect and Walmart’s broader retail media rebrand and strategy shift.
[01:27] Early CPG thinking on agentic media buying, including using data lakes for in-store stock tracking before even applying it to advertising use cases.
[03:15] The rise of creator-led retail media strategies: how major retailers like Walmart, Amazon, Target, and Kroger are building creator networks and evolving affiliate models.
[06:15] Nestlé, Dollar General, and Big Happy showcase how hyper-local creative, dynamic optimization, and 3D digital out-of-home are reshaping retail media execution.
[09:00] Final reflections from Cannes and what I’ll be digging into next, including upcoming interviews and behind-the-scenes conversations.

Links & Resources
Recent Big Happy announcement on Adweek: Big Happy Launches Dynamic Creative Optimization for 3D DOOH
Subscribe to The CPG Guys podcast on Apple Podcasts
Follow Nicole Lesinski, Director, eCommerce Strategy @ Nestlé on LinkedIn
Follow Tony Rogers, CMO @ Dollar General Media Network, on LinkedIn 
Follow Gabby Stoller, CRO @ Big Happy, on LinkedIn
Read my related articles:The Last Mile of America: Inside Austin Leonard's Plan For Dollar General Media Network
Everyone's Going Gaga Over Creators. I Had Some Questions.
Agentic Shopping Might Seem Crazy. So Did Self-Service Supermarkets.

I am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub
Catch me at Cannes 2026, check out all my Events
Subscribe to Retail Media Breakfast Club's daily newsletter
Follow Kiri Masters on LinkedIn

Reporting from Cannes Lions, I sat down with Dr. Mark Grether, SVP & General Manager at PayPal Ads, to explore a different perspective on retail media, one that cuts through the constant stream of announcements and focuses on solving real advertiser challenges. We discussed why PayPal is choosing not to chase the latest product launch headlines and instead is doubling down on helping the market understand the unique advantages of its existing capabilities.
We also dug into one of the industry's most debated topics: shoppable ads. Why have so many shoppable ad initiatives struggled in the past? What makes PayPal’s approach different? And how could identity, payments infrastructure, and changing consumer behavior — especially in an AI-powered world — reshape how brands reach and convert shoppers? Tune in for a fascinating conversation about the future of retail media, commerce, and customer acquisition.

This episode is sponsored by Mirakl Ads

Timeline
[00:56] Dr. Mark Grether explains PayPal Ads’ biggest differentiator: transaction visibility across merchants and why that changes measurement.
[02:11] Why advertisers struggle with fragmented retail media networks and the industry's growing need for simplicity.
[03:30] The vision behind industry collaboration and creating a more accessible retail media ecosystem.
[04:15] What makes PayPal’s shoppable ads different: identity resolution, payments infrastructure, and frictionless commerce.
[06:05] How “storefront ads” extend a merchant’s storefront beyond their website and drive incremental customer acquisition.
[07:34] The consumer experience behind shoppable ads and how collapsing the purchase journey can improve conversion rates.
[09:47] Why AI and LLM-driven shopping behavior may increase the importance of shoppable ads for merchants in the future.

Links & Resources
Follow Dr. Mark Grether, SVP & General Manager at PayPal Ads, on LinkedIn
PayPal Ads Delivers Bottom-Line Growth Advertisers Can Measure
PayPal Unleashes the Power of Retail Media for Small Businesses
Ascendant Network’s inaugural SHOWCASE upfront on Sept 2, 2026 in NYC
I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub
Catch me at Cannes 2026, check out all my Events
Subscribe to Retail Media Breakfast Club's daily newsletter
Follow Kiri Masters on LinkedIn

This week I’m at the 2026 Cannes Lions International Festival of Creativity wrapping up the final week of this season of Retail Media Breakfast Club. I also share some personal news: after Cannes, I’m taking a much-needed break to recharge, spend time with family in Europe, and prepare for a big move back to my hometown of Perth in Western Australia after 16 years living on and off in the US.
But don’t worry, the show isn’t going anywhere! I’ll be back in late July with more retail media insights, conversations, and chaos (in the best way).
In this episode, I also reflect on hitting 278 episodes, share how I continue to find endless retail media topics to explore, and give you a behind-the-scenes look at what I’ll be covering at Cannes: from live interviews and panels, to a retail media “couples therapy” stage session, and a late-week breakfast with industry leaders. I also introduce a new podcast project I’m part of called Basket Case, which explores why the physical store is still so often overlooked in commerce media strategy.

This episode is sponsored by Mirakl Ads

Timeline
[00:00] Season update: wrapping up the season, heading to Cannes Lions, and announcing my upcoming relocation to Perth
[01:40] Reflecting on 278 episodes of Retail Media Breakfast Club and how content ideas never seem to run out in retail media
[04:19] What to expect from Cannes coverage: on-the-ground interviews, panels, and irregular but high-intensity content drops
[05:25] Retail media “couples therapy,” debates with industry peers, and hosting a private breakfast with insights from RMN leaders
[07:00] Launch of Basket Case podcast with The Drum and Qsic, exploring why in-store retail media is often overlooked
[08:21] Closing reflections + teaser of a humorous skit about shelf talkers and commerce media blind spots

Links & Resources
My essay on my personal Substack about my upcoming relocation back to Perth: I'm Leaving
Basket Case podcast produced by The Drum & Qsic: Missing! In-Store Media
Catch me at Cannes 2026, check out all my Events 
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