Retail Media Breakfast Club

Last year, I found myself navigating chaotic scooter traffic in Thailand, only to realize how dramatically things can change with just a little extra weight. And honestly, that experience became the perfect metaphor for something I see all the time in retail media: people trying to compare markets like the US and Europe as if they’re built the same… when they’re absolutely not.
Today I'm unpacking a fascinating conversation I had with Adam Smith from Iceland and Daniel Torres Dwyer on the FMCG Guys podcast. We dig into the real reasons why retail media has evolved so differently across regions: from geography and regulation to e-commerce penetration and legacy trade structures. If you’ve ever wondered whether the US is “behind” in-store retail media (or if those comparisons even make sense), this one will challenge how you think about the entire landscape.

This episode is sponsored by Mirakl Ads

Timeline
[00:36] – Why retail media comparisons across markets can break down 
[01:26] – Setting the stage: US vs UK retail media discussion with Adam Smith 
[02:00] – Adam on scale differences and the challenge of in-store digital rollout 
[03:07] – I break down the structural reasons the US market operates differently 
[04:07] – GDPR and why offsite retail media is more developed in the US 
[05:00] – The Robinson-Patman Act and its hidden impact on retail media budgets 
[06:10] – Industry debate: are we measuring the wrong things across markets? 
[09:30] – Why “US is behind in-store” is a misleading narrative 
[11:25] – Final takeaway: different markets, different paths, and what we can learn

Links & Resources
Listen to the full FMCG Guys ep: Adam Smith, Head of Retail Media at Iceland and Kiri Masters
Subscribe to The FMCG Guys on YouTube and Apple Podcasts
Follow Adam Smith, Head of Retail Media @ Iceland, on LinkedIn
Follow Daniel Torres Dwyer, Founder @ Dwyer Partners, on LinkedIn
Read my related articles:Why US Retail Media Hits Different
Agentic Shopping Poses An Existential Threat To Retail Media (Part 2)
Why RMNs Keep Their Tech Stacks Secret

Atlanta-based retail media professionals: Wednesday, April 1 is the next In-Person Atlanta Happy Hour! RSVP here.
Subscribe to Retail Media Breakfast Club's daily newsletter
Follow Kiri Masters on LinkedIn

At Shoptalk last week, I noticed something that really stuck with me; and it wasn’t happening on the main stage. The sessions that had an overflow of attendees sitting on the floor weren’t the big, flashy keynotes… they were the practical, roll-up-your-sleeves workshops. That tells you everything you need to know about where retail leaders are at right now. 
Today I’m breaking down what I heard in the “corridor track”. The real conversations happening between sessions. Why AI-powered discovery is becoming the new battleground, how brands are rethinking where their next dollar goes, and why change management — not technology — is the biggest thing slowing teams down. If you’re trying to figure out what actually matters heading into the next phase of retail media, this one’s for you.

This episode is sponsored by Mirakl Ads

Timeline
[00:00] – Why the most in-demand sessions at Shoptalk weren’t on the main stage
[01:18] – Discovery becomes the new battleground in an AI-compressed digital shelf 
[02:45] – The rise of multi-layered product detail pages built for humans, SEO, and AI 
[04:00] – Why the “next best dollar” is now a full business decision, not just marketing 
[05:00] – Rethinking measurement: patience, strategy, and long-term growth 
[06:16] – The real bottleneck: how internal processes are slowing AI adoption 
[08:00] – The overlooked surge of social commerce and embedded shopping experiences

Links & Resources
Watch Rick Watson's live recording of the ShopTalk floor: Shoptalk 2026: What Nobody Said Out Loud About Agentic Commerce
Read my related articles:The Corridor Track At Shoptalk
Retail Media's Next Challenge: Proving Real Results
Are AI Ads the Next Big Ad Surface? How Retail Media Can Thrive

Atlanta-based retail media professionals: Wednesday, April 1 is the next In-Person Atlanta Happy Hour! RSVP here.
Subscribe to Retail Media Breakfast Club's daily newsletter
Follow Kiri Masters on LinkedIn

I’m coming to you live from Shoptalk 2026 in Las Vegas, and this ep is packed with rapid-fire insights straight from the show floor. I pulled together six of the smartest voices in retail media to break down what’s actually happening right now beyond the buzzwords. From agentic commerce debates to Meta’s push into in-store data, we’re unpacking the trends that could reshape how brands and retailers work together.
We dig into the following: Is AI really going to change how we shop? Why are retailers expanding into offsite media in a more controlled way? And what role does content, especially video, play in the next phase of commerce? If you want a pulse check on where retail media is heading in 2026, this is one you don't want to miss.

This episode is sponsored by Mirakl Ads

Timeline
[00:00] – Live from Shoptalk: rapid-fire industry insights straight from the show floor
[01:00] – The agentic commerce debate: will consumers really hand shopping over to AI? 
[02:30] – Meta’s new in-store data play and the shift toward full-funnel performance metrics 
[04:45] – Retailers moving offsite: why controlled expansion is the new strategy 
[06:45] – Innovation overload: how commerce media is evolving across industries 
[07:15] – Why content, not hype, is the key to making agentic commerce actually work 
[08:45] – Retail media’s identity shift: from monetization channel to growth driver

Links & Resources
Follow Kathryn Lundstrom, Commerce and Sustainability Editor @ ADWEEK, on LinkedIn
Follow Alex R. Arnott, Sr. Director of Retail Media Monetization @ dentsu, on LinkedIn
Follow Tom Limongello, Host @ The Middlemen Podcast, on LinkedIn
Follow Saket Mehta, Chief Revenue Officer @ Nift, on LinkedIn
Follow Leah Logan, Growth Marketing @ Inmar Intellingence, on LinkedIn
Follow Derek T. Nelson, Sr. Director, Measurement & Retail Media Consulting @ Ovative Group, on LinkedIn
Read my related articles:Five Ad Servers, Four Takeaways, and One Thread That Tied RampUp Together
"We're All Holding Our Breath"
‘Dark Search’ Is Making AI-Facilitated Commerce Look Smaller Than It Really Is

Atlanta-based retail media professionals: Wednesday, April 1 is the next In-Person Atlanta Happy Hour! RSVP here.
Subscribe to Retail Media Breakfast Club's daily newsletter
Follow Kiri Masters on LinkedIn

In Part 4 of the Agentic Commerce Expert Series, we dive into one of the biggest emerging questions in retail media right now: what happens when ads enter AI experiences? With OpenAI and other LLM platforms beginning to experiment with advertising, there’s a lot of speculation (and skepticism) about how this will impact user trust, relevance, and ultimately, performance.
I’m once again joined by Amelia Van Camp from Mirakl, and together we unpack what “agentic advertising” really means, why relevancy is about to go into overdrive, and how both retailers and brands can prepare without guessing where formats will land. We also explore how data, intent-based attributes, and orchestration will shape the winners in this next wave of commerce. If you’re wondering how to stay ahead as AI reshapes the ad landscape, this one’s for you!

This episode is sponsored by Mirakl Ads

Timeline
[00:00] – Why AI platforms must monetize and what that means for ads in LLMs
[01:13] – How OpenAI is introducing ads without breaking user trust
[02:00] – “Relevancy on steroids” aka the future of AI-powered ad targeting
[03:30] – Why advertisers, not just platforms, own the responsibility for relevance
[05:37] – Practical steps retailers should take now to prepare for agentic commerce
[08:13] – What “orchestration layer” really means in modern retail media tech
[10:00] – Why brands aren’t powerless and how they can influence AI-driven discovery

Links & Resources
Check out the complete Agentic Commerce Expert Series:Part 1: Discovery Has Moved Upstream. Here's What That Means for Retailers.
Part 2: When the PDP Becomes the Homepage
Part 3: Ecommerce Signals Are Shrinking. Why Retailers Must Earn New Ones

Download Mirakl's agentic commerce white paper: Why marketplaces & dropship platforms win in the agentic commerce era
Follow Amelia Van Camp, Head of Agentic Commerce at Mirakl, on LinkedIn
Read my related articles:Why OpenAI's Ad Network Should Concern RMNs
‘Dark Search’ Is Making AI-Facilitated Commerce Look Smaller Than It Really Is
While We Debate What's 'Really' Agentic, Retail Media's Foundation Is Already Shifting

Atlanta-based retail media professionals: Wednesday, April 1 is the next In-Person Atlanta Happy Hour! RSVP here.
Subscribe to Retail Media Breakfast Club's daily newsletter
Follow Kiri Masters on LinkedIn

In August 2025 I broke down why so many retail media networks keep their ad tech stacks hidden. And to be honest, the reasons weren’t exactly flattering. But what happens when a major retailer does the exact opposite? In today's episode, I share highlights from my recent livestream with Mark Williamson, AVP of Retail Media at Costco, and Jon Flugstad, Chief Business Officer at MetaRouter, and unpack a bold move from Costco that’s turning heads across the industry: full transparency.
We dive into what really happened when Costco revealed its entire tech stack, why that matters for brands and agencies, and whether transparency is actually influencing ad spend, or simply generating buzz. Plus, I explore what this could mean for the future of retail media.

This episode is sponsored by Mirakl Ads

Timeline
[00:00] – Why retail media networks hide their tech stacks (and the 5 real reasons behind it)
[00:24] – Survey results: 88% of brands say tech transparency impacts spend
[00:30] – Costco reveals its full tech stack live on stage — why it shocked the industry
[01:44] – What “transparency” actually means to advertisers beyond just reporting
[02:43] – Costco’s philosophy: winning trust through honesty (even with imperfections)
[03:15] – How Costco uses its tech stack to justify capabilities and limitations
[04:04] – The strict data principles guiding Costco’s retail media strategy
[07:21] – Is transparency driving real ad dollars or just curiosity?

Links & Resources
Full replay of my livestream with Mark Williamson (Costco) and Jon Flugstad (MetaRouter): Costco Retail Media & The Commerce Media Tech Stack 2.0
Follow Mark Williamson, AVP of Retail Media at Costco on LinkedIn
Follow Jon Flugstad, Chief Business Officer at MetaRouter on LinkedIn
Read my related articles:Why RMNs Keep Their Tech Stacks Secret
Costco Is The First US RMN To Reveal Its Entire Tech Stack
‘Retail Media has a PR problem’ Says CVS Media Exchange's Parbs Dhariwal

Atlanta-based retail media professionals: Wednesday, April 1 is the next In-Person Atlanta Happy Hour! RSVP here.
Subscribe to Retail Media Breakfast Club's daily newsletter
Follow Kiri Masters on LinkedIn