Are bigger retail media networks automatically better? And what really makes a network worth investing in? In this episode, I'm picking up the debate sparked by Brian Spencer at Kroger Precision Marketing about what it takes to build a successful retail media network. Scale matters, but so do audience relevance, addressability, and technology.

I also unpack GrowthLoop's 2026 Commerce Media Investment Index to explore what advertisers really want from audience targeting, whether faster audience fulfillment is worth paying more for, and what United's Connective restructuring reveals about the technology needed to turn valuable audiences into measurable results.

This episode is sponsored by GrowthLoop

Timeline

[00:30] – Brian Spencer's challenge: What really qualifies as a retail media network?

[02:09] – Audience relevance versus audience size.

[03:03] – Why specialty retailers can compete with the giants.

[05:30] – What advertisers want from retail media audiences.

[06:30] – Why more audience segments could drive greater spending.

[08:17] – Is faster audience fulfillment worth the premium?

[10:28] – United's lesson: Why audience data alone isn't enough.

Links & Resources

• GrowthLoop's new research report: The 2026 Commerce Media Investment Index
• Lots of great discussion in the LinkedIn comments under my Does Size Matter in Retail Media? It Depends Who’s Buying newsletter from Tuesday
• The contentious LinkedIn post from Brian Spencer that first sparked the debate
• Follow Brian Spencer, Marketing Director at Kroger Precision Marketing, on LinkedIn
• ADWEEK reported this week that United has folded Kinective's media sales and operations team into the partnerships team for its MileagePlus loyalty program.
• Read my related articles:
  • Does Size Matter in Retail Media? It Depends Who’s Buying
  • 7 Ways to Break the Retail Media Doom Loop
  • 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 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