Retail Media Breakfast Club

Today I unpack the intense industry reaction to a piece of Albertsons Media Collective, Ovative Group, and Kellogg School of Management research that challenged how we measure iROAS in retail media. When a single campaign’s return can swing wildly — up to 6.5x — based purely on methodology, it raises some uncomfortable but necessary questions. I walk through the biggest critiques that surfaced from practitioners and academics, and why this debate matters more than ever for brands trying to make sense of their performance data.
I also share how the authors of the study responded to the pushback, and what they didn’t address. More importantly, we get into what this all means for real-world advertisers, especially mid-market brands navigating opaque reporting standards. If you’ve ever questioned whether your campaign results are telling the full story, this episode will give you a fresh lens to evaluate retail media measurement.

This episode is sponsored by Mirakl Ads

Timeline
[00:00] – Why controversial research is better than silence, and what sparked this debate
[00:31] – The headline finding: iROAS can vary dramatically depending on measurement methodology
[01:24] – Key critique: Are these methodologies even comparable in the first place?
[02:07] – The BSTS debate: causal method or misapplied forecasting tool?
[03:08] – A practical question: What are brands actually using iROAS for?
[04:30] – The authors respond: what the study was, and wasn’t, designed to prove
[05:39] – What mid-market brands should do next: pushing for transparency and better disclosure

Links & Resources
The white paper in question, titled iROAS Demystified, is a collaboration between Albertsons Media Collective, Ovative Group, and professors from Northwestern University's Kellogg School of Management. 
My original article on the white paper: iROAS results can be easily gamed. But we shouldn't just throw it away
The LinkedIn comment thread in which the research was fiercely debated
Check out Prof. Koen Pauwels' Substack Amazon Days
Read my related articles:Why ROAS Refuses To Die
Retail Media's Measurement Problem: It's Not Just the Retailers
'Not 100% altruistic': ad measurement veteran on what retail media is really optimizing for

On Thursday May 7 I am hosting a LinkedIn Live event: How Kroger Precision Marketing Is Plugging Into National Brand Budgets ! Join me, Christine Foster (head of Kroger Precision Marketing) and Jon Flugstad (Metarouter) to hash out the details of Kroger's partnership with DV360 and how this development is a sign of maturity in the retail media ecosystem. Bring your questions, we'll be doing this LIVE.
I'm keynoting at Xnurta's Signal to Scale summit on May 19 in Chicago. This is the room to be in if you work in retail media, care about what AI actually changes, and want to leave with something you can put to work. A full day focused on agentic AI, modern measurement, and the strategies the best teams are already building toward. Reserve your spot 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 had the opportunity to moderate a powerhouse panel at the The Drum's inaugural Global Commerce Leaders Forum in Miami. And let me tell you, the insights that came out of our lightning round were too good not to share. I asked each expert a simple but loaded question: What’s one thing you’d fix in the next 12 months to make retail media networks more mature? The answers cut straight to the core of where this industry is headed.
In this episode, I break down the most compelling takeaways. From why we need to reconnect retail media with its retail roots, to the urgent need for better collaboration, clearer measurement, and a long-term vision. If you’re building, buying, or scaling within retail media, this conversation will challenge how you think about growth and what really drives impact.

This episode is sponsored by Mirakl Ads

Timeline
[00:00] – Setting the stage: Highlights from the Global Commerce Leaders Forum panel
[01:05] – Why it’s time to “bring the retail back” to retail media
[02:00] – How performance data is winning over merchants and driving adoption
[03:30] – The industry’s biggest challenge: agreeing on measurement and “the math”
[05:45] – Finding your North Star in a maturing and more competitive landscape
[07:45] – Breaking down silos to unlock the next phase of retail media growth
Links & Resources
Content from The Drum's 2026 Commerce Media Global Leaders’ Forum
Read my related articles:Ace Hardware's RedVest Media: Notes From My Interview With Molly Hjelm
Brands Are From Mars, Retailers Are From Venus
Retail Media's Measurement Problem: It's Not Just the Retailers

On Thursday May 7 I am hosting a LinkedIn Live event: How Kroger Precision Marketing Is Plugging Into National Brand Budgets ! Join me, Christine Foster (head of Kroger Precision Marketing) and Jon Flugstad (Metarouter) to hash out the details of Kroger's partnership with DV360 and how this development is a sign of maturity in the retail media ecosystem. Bring your questions, we'll be doing this LIVE.
I'm keynoting at Xnurta's Signal to Scale summit on May 19 in Chicago. This is the room to be in if you work in retail media, care about what AI actually changes, and want to leave with something you can put to work. A full day focused on agentic AI, modern measurement, and the strategies the best teams are already building toward. Reserve your spot 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’m coming to you a little under the weather today, but this recap of my recent article for The Drum was too important not to share. In this episode, I break down Kroger’s new YouTube integration and why it could be a turning point for retail media networks trying to crack into elusive national brand budgets.
I dig into what Kroger Precision Marketing actually built with Google’s DV360, why it matters for both measurement and media buying workflows, and how this move could finally align retail media with the expectations of brand marketers. If you’ve been wondering what it really takes to unlock CMO-level budgets, this episode connects the dots, and challenges the old playbooks many of us have been relying on.

This episode is sponsored by Mirakl Ads

Timeline
[00:00] – I kick things off (slightly sick!) and introduce Kroger’s YouTube integration
[01:00] – Why retail media networks are struggling to unlock brand budgets
[01:30] – What Kroger’s DV360 integration actually enables for advertisers
[02:15] – The three biggest barriers to brand budget adoption and how Kroger addresses them
[03:00] – Why YouTube video changes the game for emotional brand storytelling
[04:00] – The measurement breakthrough: SKU-level attribution and real-time optimization
[06:00] – Why workflow simplicity (and fewer dashboards) is a bigger deal than you think
[08:30] – What happens when online ads connect to in-store purchases (and why that’s the real test)

Links & Resources
My article on The Drum: Kroger’s YouTube deal is the brand budget bridge retail media has been waiting for
Read my related articles:iROAS results can be easily gamed. But we shouldn't just throw it away
The ‘Costco Velocity’ Tech Stack Is Coming Together. Here's How the Pieces Fit.
Brian Monahan's 'Bloody Obvious' Bets Are Shaking Up Albertsons Media Collective

NEXT WEEK on Thursday May 7 I am hosting a LinkedIn Live event: How Kroger Precision Marketing Is Plugging Into National Brand Budgets ! Join me, Christine Foster (head of Kroger Precision Marketing) and Jon Flugstad (Metarouter) to hash out the details of Kroger's partnership with DV360 and how this development is a sign of maturity in the retail media ecosystem. Bring your questions, we'll be doing this LIVE. 
I launched an Instagram account with comedy skits about the retail media industry! Follow along: @retailmediabreakfastclub
Subscribe to Retail Media Breakfast Club's daily newsletter
Follow Kiri Masters on LinkedIn

Today I’m sharing highlights from a recent LinkedIn Live I hosted with Paul Brenner from In-Store Marketplace and Michelle Dooley from Catalyst Media Consulting. We dug into one of the most pressing challenges in retail media today: how we measure in-store performance, and whether the industry is actually optimizing for the wrong outcomes.
We explored their new research report that proposes a shift away from overly narrow metrics like one-to-one attribution and toward a more meaningful standard: shopper purchase rate. The conversation unpacks why current scorecards are falling short, how in-store media is being misunderstood across stakeholders, and what a more unified, product-movement-driven measurement system could look like.

This episode is sponsored by Mirakl Ads

Timeline
[00:00] – I introduce the core problem: whether we’re measuring in-store retail media the right way
[01:04] – Paul Brenner breaks down the gap between RMN tech expectations and real-world retail execution challenges
[02:39] – Michelle Dooley explains how “in-store” means very different things across brands, retailers, and RMNs
[03:45] – Key research insights: in-store is broader than digital, and product movement is the dominant success metric
[06:46] – Introduction of “shopper purchase rate” and why it’s emerging as a better measurement framework
[09:00] – Why shopper purchase rate could unify RMNs and merchants around a shared scorecard and shift focus back to in-store effectiveness
Links & Resources
Full webinar replay: In-Store Retail Media: Are We Measuring the Wrong Things? [New Research]
Download the report: In-Store Media Has a Measurement Problem – Just Not the One You Think
In-Store Marketplace (ISM)
Catalyst Media
Follow Paul Brenner, SVP, Global Retail Media and Partnerships @ In-Store Marketplace (ISM), on LinkedIn
Follow Michelle Dooley, Expert Advisor @ Catalyst Media, on LinkedIn
Read my related articles:In-Store Retail Media Evolved Differently in Europe. Here's Why.
Who's Signing the Check For Experiential In-Store Media?
Sam's Club Cracked the Code on In-Store Retail Media—Here's How They Did It

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 made the trek through Atlanta traffic to attend Home Depot’s Orange Apron Media upfronts, and let me tell you, it was absolutely worth it. In a year where brands are scrutinizing every dollar spent on travel and events, this one-day gathering managed to draw hundreds of suppliers from across the country. That alone says something. But what really stood out wasn’t just the announcements: it was how the event was designed.
In this episode, I’m breaking down the seven smartest decisions Home Depot made with their upfronts. From resisting the urge to copy Amazon’s playbook to creating a tightly focused, high-impact experience for advertisers. If you’re building or scaling a retail media network, there are some seriously valuable lessons here about audience, format, messaging, and momentum.

This episode is sponsored by Mirakl Ads

Timeline
[00:00] – Why hundreds of suppliers showed up for a one-day event (and why that matters right now) 
[00:56] – Why Home Depot didn’t try to replicate Amazon’s “Unboxed” (and why that’s a good thing) 
[01:37] – The power of a closed advertiser ecosystem and how it becomes a strategic advantage 
[02:15] – Why putting merchants on stage before media teams sends a stronger message 
[02:58] – Serving three audiences at once: suppliers, partners, and internal teams 
[04:15] – How supplier voices and testimonials added credibility and broke up the sales pitch 
[05:41] – Why venue choice reinforced Home Depot’s brand identity 
[07:00] – The “narrow and deep” press strategy that led to meaningful coverage

Links & Resources
My OAM piece from last week: Orange Apron Media is leaning into the things only Home Depot can do
Karen Jacobs from Emarketer's piece from last week: Home Depot deepens retail media push with Reddit and Pinterest partnerships and new tools
Read my related articles:Why Home Depot put its merchants on stage at its retail media upfronts (The Drum)
Home Depot’s Retail Media Chief Puts Suppliers At The Center
The ‘Costco Velocity’ Tech Stack Is Coming Together. Here's How the Pieces Fit.

I launched an Instagram account with comedy skits about the retail media industry! Follow along: @retailmediabreakfastclub
Subscribe to Retail Media Breakfast Club's daily newsletter
Follow Kiri Masters on LinkedIn