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Why are retail media networks bringing back multi-touch attribution (MTA) when many marketers consider it outdated?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

Consumer AI is growing at an incredible pace, but here's the thing: even though millions of people are using AI, very few are actually paying for it. So how are these platforms going to make money, and what does that mean for retail media and the future of shopping?

In this episode, I'm digging into some fascinating new research from Andreessen Horowitz on consumer AI adoption, spending habits, and the business models emerging around these platforms. I explore why people are willing to pay for productivity but not necessarily everyday consumer queries, why advertising could become the dominant monetization model for AI agents, and what a potential ChatGPT wallet could mean for closed-loop measurement and retailers' first-party data. Plus, I look at the race to build the winning AI shopping experience and why retailers need to think carefully about whether to embrace or block emerging AI agents.

This episode is sponsored by GrowthLoop

Timeline

[01:24] — AI adoption is booming, but few consumers are willing to pay for it.

[04:02] — Why people want to spend time, not just save it, and what that means for AI shopping.

[06:15] — Why subscriptions may not be enough, and why advertising could become AI’s dominant revenue model.

[09:30] — How a potential ChatGPT wallet could reshape retail media measurement and first-party data.

[12:36] — Why the race to build the winning AI shopping experience is still wide open.

[13:38] — Why retailers need to think carefully before blocking AI shopping agents.

Links & Resources

• Andreessen Horowitz just dropped some major insights on their blog about the adoption of consumer AI technology. Read the full research report at the a16z blog.
• Listen to the recent The a16z Show podcast episode that discusses the research: The Top 100 Consumer AI Apps: Who’s Actually Paying?
• Subscribe to The a16z Show on Apple Podcasts
• Read my related articles:
  • Not all shopping is fun
  • Why Agentic Shopping Poses an Existential Threat to Retail Media (Part 1)
  • Agentic Shopping Poses An Existential Threat To Retail Media (Part 2)
  • Agentic Shopping Might Seem Crazy. So Did Self-Service Supermarkets.
• 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

The retail media landscape is getting more crowded by the week. McDonald’s, Simon Property Group, Delta, and a growing list of other companies are launching commerce media businesses. But does the world actually need more retail media networks? In this episode, I share Matthew Fantazier's latest 'hot take' on the explosion of commerce media and add my own perspective on the biggest question facing these new networks: who is this actually for?

I also dig into the rise of consumer-facing AI agents and what it could mean for advertising, commerce, and consumer trust. If AI agents start making purchases on our behalf, who gets paid, how will brands compete for those transactions, and could paid placement quietly become the next evolution of retail media? There are some big questions ahead, and I’m not convinced we’re ready for the answers.

This episode is sponsored by GrowthLoop

Timeline

[00:58] - Why the retail media network boom shows no signs of slowing down

[02:20] - The question every new commerce media business needs to answer: “Who is this for?”

[03:31] - Why brands may not want to add another 10 retail media networks to their media plans

[04:34] - The problem with retailers copying Amazon and Walmart instead of building on what makes them unique

[06:18] - What consumer-facing AI agents could mean for shopping and advertising

[09:15] - Who pays for AI agents — and why that question could transform retail media

[10:30] - Why paid rankings inside AI agents could create a major consumer trust problem

Links & Resources

• Today's newsletter is contributed by Matthew Fantazier, Vice President, Data Partnerships at The Trade Desk. Matt's newsletter, Matt's Hot Take is one of my personal favorites. You can subscribe to it on LinkedIn or Substack.
• Follow Matthew Fantazier on LinkedIn
• Here's the links to the various 'Hello World' announcements from the various new retail media networks' GMs on LinkedIn, if you want to see how they are crafting their USPs in real-time:
  • Chris Lindquist , VP/GM at McDonald’s Media Network
  • John Carlson, VP, Simon Property Group
  • Arvin Nuldloll, SVP Revenue and Audience Strategy at Citi
  • Keri Paison, MD & Head of Delta's Media Network
• Read my related articles:
  • Some Retailers Want to Power Other Retailers' Ad Businesses. Will It Work?
  • Retail Media's Fermi Paradox
  • RMNs Have A Marketing Problem
• 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

There’s a lot of talk in retail media about better measurement, incrementality, and finding the one metric that finally tells us what’s really working. But sometimes the metrics we’re using are… well, bulldust. In this episode, I dig into why measurement looks so different depending on which side of the table you’re sitting on, and why retailers and brands can both feel like they’re doing the right thing while talking completely past each other.

I also revisit the question of why ROAS refuses to die. Is it actually a useless metric, or does it persist because brands genuinely need a common currency and early signals to guide media planning? I look at sales lift, incrementality, MTA, basket lift and other signals — and why the real challenge may be less about finding a perfect metric and more about getting both sides to agree on what they’re actually trying to measure.

This episode is sponsored by GrowthLoop

Timeline

[00:00] - Why “purchase intent velocity” is the perfect example of a bullshit retail media metric

[01:00] - Why retailers and brands see measurement gaps very differently

[02:16] - How methodological choices can dramatically change incremental ROAS

[03:22] - Why sales lift may be the closest thing retail media has to a standardized measurement currency

[04:30] - The media-planning problem that makes ROAS so difficult to replace

[06:33] - Why ROAS persists, and the case for using it with much more context

[09:55] - Why retail media measurement ultimately comes down to incentives

Links & Resources

• Check out my latest skit video for the Basket Case podcast from The Drum & QSIC featuring a brand CMO with main-character energy who is quite pleased with herself for inventing a new performance metric! Watch here
• Albertson's and Ovative group's recent iROAS Demystified white paper found that methodological choices alone can swing incremental ROAS by 6.5x
• See the full range of comments under my Why ROAS Refuses To Die post on LinkedIn
• Read my related articles:
  • iROAS results can be easily gamed. But we shouldn't just throw it away
  • RMNs Are Launching MTA. Do Brands Want It? [Part 1]
  • Why ROAS Refuses To Die
• 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

I recently took a closer look at what Best Buy Ads is building, and what it tells us about where retail media is heading. Best Buy was one of the early retailers to launch sponsored product ads, but at its latest showcase, that familiar ad format was barely part of the conversation. Instead, the spotlight was on connected TV, creators, TikTok Shop, its production studio, and new measurement capabilities.

I think that shift tells us something important about the future of retail media. Brands increasingly want retail media to do more than drive an immediate sale, while AI is changing how shoppers arrive at retailers in the first place. In this episode, I unpack why Best Buy may be looking beyond the traditional search-results-page model, what its new measurement research says about the brand-building potential of retail media, and why the retailers with the most distinctive assets may be best positioned to move beyond sponsored products.

This episode is sponsored by GrowthLoop

Timeline

[00:15] - Exploring the gap between brands’ interest in retail media brand-building and where their budgets are actually going

[01:15] - What Best Buy Ads showcased beyond sponsored products, including CTV, creators, TikTok Shop, and measurement

[03:30] - Why Best Buy’s showcase suggests its growth ambitions are moving beyond the search results page

[05:15] - How AI and LLMs could change the shopper journey—and potentially reduce traditional sponsored product opportunities

[08:30] - Breaking down Best Buy’s Circana marketing mix model and its findings on ROAS, media contribution, and brand equity

[10:24] - Why Best Buy’s distinctive retail assets could help it move beyond interchangeable retail media networks

Links & Resources

• Follow Patrick Albano, Chief Revenue Officer at Best Buy Ads, on LinkedIn
• Read my related articles:
  • Best Buy Wants To Become An Ad Platform, Not Just Another RMN
  • Best Buy's Marketplace Bet Is Really About Ad Revenue
  • Why Agentic Shopping Poses an Existential Threat to Retail Media (Part 1)
  • Agentic Shopping Poses An Existential Threat To Retail Media (Part 2)
  • Everyone's Going Gaga Over Creators. I Had Some Questions.
  • The Fairy Godmother Of Retail Media, Cara Pratt, On Her New Agenda At Circana
• 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

A couple of years ago, two neighborhood cats started visiting our house. We fed them, they kept coming back, and then one day they turned up wearing collars that said, “Do not feed unless starving.” It turned out we weren't the only ones feeding them: and nobody really knew who was feeding them, how often, or how much.

Brands have their own version of this problem. When they add up all the attributed sales from every retail media network they spend with, somehow the total can come out bigger than their actual sales. So when Albertsons and Best Buy launched new multi-touch attribution (MTA) capabilities within a week of each other, I wanted to understand what problem they were actually trying to solve. Are brands really asking for MTA? Why did MTA fall out of favor in broader marketing? And has retail media simply never moved beyond last-click attribution?

In this episode, I expand upon my recent article for The Drum, and dig into what brands, consultants and the retailers themselves are saying. I also set up the bigger question I'll tackle in Part 2: even if retailer-operated MTA is in the retailers' interests, can it still be useful and credible for brands?

This episode is sponsored by GrowthLoop

Timeline

[00:43] - Why retail media attribution can add up to more sales than brands actually have

[01:50] - Albertsons and Best Buy launch new multi-touch attribution capabilities

[03:22] - Why brands may be turning to media mix modeling and cross-network measurement instead

[04:15] - How privacy restrictions and ecosystem fragmentation helped push MTA out of favor

[07:47] - A CPG perspective on why MTA may not answer the incrementality question brands actually care about

[10:04] - What SharkNinja, EOS and other advertisers say they need from commerce media measurement

[11:00] - Why Best Buy and Albertsons say advertisers are asking for MTA

Links & Resources

• On 17 September 2026, Albertsons Media Collective announced Retail Media Incrementality-Based Multi-Touch Attribution, built with LiveRamp and piloted by PepsiCo.
• My article for The Drum: Why retail media networks are resurrecting multi-touch attribution
• Skye Frontier, executive vice-president at Incremental, gave a valuable lesson about marketing mix models and MTA on the Measure Up podcast last year.
• Follow Skye Frontier on LinkedIn
• Read my related articles:
  • This Agency Abandoned MTA, Here's Why
  • 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
  • The Other Side of the Story: Why Retailers Struggle with Media Measurement & Standardization
• 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