Retail Media Breakfast Club

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

Retail media is splitting into two distinct camps: retailers that see media as an extension of their core business, and those that see themselves as media companies first. In this episode, I unpack that debate through the lens of my conversation with Frank Mulcahy, Head of Chewy Ads, whose perspective challenges some of the industry's most entrenched assumptions.
Drawing on insights from my recent Drum column, we explore why transparency has become one of the most important battlegrounds in retail media. Frank argues that many retail media networks are holding onto first-party data too tightly, and that advertisers are increasingly demanding visibility into what they're actually buying. We also dig into Chewy’s new advertising products, objective-based media buying, and why the company is betting that openness — not opacity — will win over brands in the long run.

This episode is sponsored by Mirakl Ads

Timeline
[01:29] Frank Mulcahy’s path from Yahoo, Microsoft, Apple, and Wayfair to leading Chewy Ads.
[02:17] The two competing philosophies shaping retail media today: retail-first versus media-first.
[03:45] Why Chewy wants to become the largest and most effective pet media company (not just a retailer with advertising revenue).
[05:00] The case against data hoarding and why transparency matters to advertisers.
[07:30] Chewy’s “barbell strategy” and the launch of Chewy Max, Marketing Cloud, and incrementality measurement tools.
[08:00] What media buyers really think about objective-based buying models and advertising automation.
[09:20] Why sharing performance data is ultimately a bet on the strength of your results—and why Chewy is willing to make that bet.

Links & Resources
Read my original article for The Drum: Chewy’s ad boss thinks the data hoarders have it backwards
Follow Frank Mulcahy, Head of Chewy Ads, on LinkedIn
The Drum: Why retail media needs Costco more than Costco needs retail media
Meet the Mirakl team at Cannes Lions, June 22–26, for curated conversations, exclusive events, and 1:1 strategy sessions built for where the industry is headed. Commerce-first media starts in Cannes. Register here!
Read my related articles:Costco: The Retail Media Network That Refuses to Promote Itself
Brian Monahan's 'Bloody Obvious' Bets Are Shaking Up Albertsons Media Collective
Why retail media’s ‘mid’ moment may be its turning point (The Drum)

Catch me at Cannes 2026, check out all my Events
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

Everyone wants the upside of AI, agentic commerce, autonomous shopping agents, and LLM-powered product discovery. But there’s a problem: none of it works without clean, structured product data. In this episode, I’m joined once again by Anne Hallock, VP Americas at Mirakl Ads, to unpack the final installment in our “Retail Media Demons” series: The Shortcut Demon.
We explore why so many retailers are rushing to announce AI partnerships without addressing the foundational work required to make those initiatives successful. Anne shares practical examples of how product attributes, catalog quality, and organizational alignment directly impact a retailer’s ability to surface in AI-driven shopping experiences. We also discuss why data hygiene, long-term digital strategy, and customer-centric thinking will determine which retailers thrive in the next era of commerce.

This episode is sponsored by Mirakl Ads

Timeline
[00:21] - Introducing the "Shortcut Demon" and why AI ambitions like agentic commerce depend on foundational data work that retailers often overlook.
[01:20] - Anne warns against AI hype and explains why retailers should ask a simple question when AI partnerships are announced: "How?"
[03:00] - Why product attributes, delivery dates, reviews, fabrics, and other catalog data determine whether products can be discovered by AI shopping agents.
[04:27] - The "eating your vegetables" problem: why data hygiene is critical for AI success but difficult to get executives excited about funding.
[05:45] - The rise of the Chief Digital Officer and how leading retailers are creating organizational structures that connect e-commerce, retail media, and data infrastructure.
[08:30] - Why retailers need a three-year vision for AI and retail media instead of chasing headlines and announcing partnerships without a clear strategy.
[10:15] - Defining a retailer's core digital competency and preparing for a future where shopper behavior continues shifting beyond traditional store-centric journeys.
[11:00] - How consumers are already using ChatGPT and AI assistants during in-store shopping trips to compare products and make purchase decisions.

Links & Resources
Retail Media Breakfast Club & Mirakl Ads Live in Cannes @ Hotel Martinez on Thursday, June 25 from 9:00AM – 11:00 AM. Join retail media leaders across EMEA and AMER for this invite-only event co-hosted by Kiri Masters and Mirakl Ads. A guided, authentic breakfast conversation on the next phase of retail media — what's working, what's shifting, and the decisions being made right now that will shape the industry's future. Register here!
Part 1 of the Demons series: The Demons Inside Retail Media, Part 1: GROWTH
Part 2 of the Demons series: The Demons Inside Retail Media: Part 2, SILOS
Follow Anne Hallock, VP Americas at Mirakl Ads, on LinkedIn
Read my related articles:Retail Media: Same Job Description, Different Invoice
Did we overcook in-store retail media measurement?
Should You Measure Retail Media Like National Media?

In Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP here
Catch me at Cannes 2026, check out all my Events
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