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

Why are retail media networks bringing back multi-touch attribution (MTA) when many marketers consider it outdated? In part 2 of my MTA series, I explore why Albertsons Media Collective and Best Buy Ads are investing in MTA, and how better measurement could help retailers unlock national brand advertising budgets beyond sponsored products.

I also look at the limits of current MTA solutions, why measurement matters when brands choose retail media networks, and three questions retailers should ask before building their own attribution capabilities. Plus, I preview the next big question in commerce media: are retail media networks growing market share or simply stealing conversions from other platforms?

This episode is sponsored by GrowthLoop

Timeline

[00:35] — Why the industry may be wrong about MTA being outdated, and why retailers see a different opportunity.

[01:51] — The case for earlier measurement signals, and why market share and quarterly marketing mix models aren't enough for week-to-week decisions.

[03:26] — The real incentive behind retailer MTA investments: unlocking national brand advertising budgets beyond sponsored products.

[05:39] — Why measurement capabilities matter when brands are choosing which retail media networks deserve a place in their media plans.

[07:42] — Where Albertsons and Best Buy's MTA solutions differ, and why brands still face gaps in cross-platform measurement.

[11:31] — The three-part test for deciding whether a retailer should build MTA in the first place.

[12:39] — A preview of part three: Are commerce media networks growing share or stealing conversions from other platforms?

Links & Resources

• This is part 2 of my series on MTA.
  • Part 1) Do brands really want MTA?
  • Part 2) Why retailers are reviving MTA [What you're listening to right now!]
  • Part 3) Is MTA past its expiration date? [Subscribe to get it!]
• Check out the discussion in the LinkedIn comments after I shared part 1 of this MTA series
• Read my related articles:
  • RMNs Are Launching MTA. Do Brands Want It? [Part 1]
  • Best Buy Ads’ showcase moves on from the sponsored product ad (The Drum)
  • Kiri Masters: Why retail media networks are resurrecting multi-touch attribution (The Drum)
• Check out Basket Case, a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series where we talk shop.
• 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

Are there really only 10 or 20 successful retail media networks, or are we overlooking the value of the other 180? A recent LinkedIn post from Brian Spencer at Kroger Precision Marketing sparked a debate about what it takes to be a successful retail media network, and I wanted to dig into one of his key criteria: scale. Because while scale absolutely matters to some advertisers, I think the bigger question is: scale for whom?

In this episode, I unpack why national CPG media teams gravitate toward the biggest retail media networks, what that means for smaller and regional players, and why shopper marketing teams could be the key to unlocking the long tail of retail media. From Amazon and Walmart, to Woolworths in Australia and H-E-B in Texas, I explore why a network that looks small on a national media plan can be absolutely critical to winning in a specific market. And as the biggest networks chase upper-funnel brand budgets, I look at the very different growth challenges facing the rest of the industry.

This episode is sponsored by GrowthLoop

Timeline

[00:00] – The LinkedIn debate that got me thinking: Are there really only 10 or 20 successful retail media networks?

[02:10] – Why even the biggest CPG advertisers don't want to manage more retail media networks.

[03:14] – Inside the $1 billion club: The commerce media networks publicly reporting more than $1 billion in ad revenue.

[06:00] – Why scale is relative, and why regional retail media networks still matter in markets like New Zealand, Ireland, and Australia.

[09:22] – Who buys the long tail? Why shopper marketing teams could be the answer for smaller retail media networks.

[12:24] – How two things can be true: Only a handful of networks may matter to national media directors, while hundreds remain relevant locally.

[13:01] – The retail media doom loop: Why scale, technology, talent, and advertiser budgets are so difficult to balance.

Links & Resources

• The LinkedIn post from Brian Spencer that sparked the debate
• Follow Brian Spencer, Marketing Director at Kroger Precision Marketing, on LinkedIn
• Read my related articles:
  • Some Retailers Want to Power Other Retailers' Ad Businesses. Will It work?
  • 7 Ways to Break the Retail Media Doom Loop
  • What It Actually Takes to Build a Retail Media Federation
  • 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 where we talk shop.
• 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