Every year, Cannes Lions promises to bring the advertising world together. But if you work in retail media, you've probably noticed that our corner of the industry heads home long before the festival's biggest creative awards are handed out. After hosting an invite-only breakfast with Mirakl Ads on Thursday morning, I wanted to share the conversations that stuck with me before everyone scattered back home.

In this episode, I unpack why the gap between commerce and creativity still exists, where I saw genuine progress this year, and why in-store retail media, measurement, and creative storytelling dominated the discussion. From Dollar General's approach to bringing leadership into the conversation, to Albertsons' bold experiment with original branded content, there are signs that retail media is evolving: but not necessarily in the ways many expected.

This episode is sponsored by Mirakl Ads

Timeline

[00:00] Why the commerce crowd leaves Cannes before the festival's biggest creative moments.

[02:14] My biggest takeaway from this year's Cannes: fewer retailers, stronger side conversations, and why the divide still exists.

[03:15] Why Dollar General Media Network's decision to bring its CMO could signal an important shift for retail media leadership.

[04:30] The real challenge with in-store retail media: why not every screen is actually valuable advertising inventory.

[06:41] Mirakl Ads and Broadsign announce a partnership aimed at unifying online and in-store retail media campaigns (and the measurement questions that remain).

[07:21] Albertsons and P&G's scripted series Rico's Tacos offers a glimpse into how retail media data could shape creative work from the very beginning.

Links & Resources

• Broadsign and Mirakl Ads partner to help retailers deliver a more unified shopper experience
• Grocery Dive: Albertsons turns to microdramas for new retail media offering
• Read my related articles:
  • When Sam's Club "Connects" With Walmart, What Actually Connects?
  • Cannes Field Notes: stock tracking, creator networks & a Dollar General DOOH first
  • PayPal Ads had nothing to announce at Cannes. That was the point.
  • Cannes Confessionals #1: Where are all the brands?
• 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

Fresh from Cannes Lions, I'm unpacking one of the biggest themes that kept surfacing across analyst discussions: retail media's greatest obstacles aren't external — they're internal. While everyone is focused on AI, tariffs, and the next wave of disruption, the conversations I heard pointed somewhere much closer to home. Misaligned organizations, inconsistent measurement, and teams speaking the same language but meaning completely different things may be holding retail media back more than any emerging technology.

I also share highlights from an analyst panel featuring Sarah Marzano, Andrew Lipsman, Debbie Aho Williamson and myself. We debated "dark search," AI-assisted shopping, attribution, and whether generative AI is fundamentally changing commerce, or simply accelerating trends that were already underway. If you're trying to understand where retail media is headed next, this episode connects the dots.

This episode is sponsored by Mirakl Ads

Timeline

[01:00] eMarketer's forecast: Retail media surpasses $100 billion, and why slower growth could actually signal maturity.

[02:16] The "same words, different forks" analogy explains why brands, retailers, and media teams keep talking past one another.

[03:49] I share my perspective on "dark search" and how AI assistants are quietly reshaping product discovery before shoppers ever reach a retailer.

[05:25] Andrew Lipsman challenges the "dark search" narrative, arguing the real issue is attribution, not visibility.

[07:09] Our debate turns to agentic commerce: Is AI changing shopping behavior or simply improving search?

[08:30] Debbie Aho Williamson shares real-world ChatGPT shopping examples and early advertising data that could reshape how retailers think about discovery.

Links & Resources

• Thanks to Sensor Tower for inviting me to speak at this event. You can check out their retail media insghts offering here.
• US retail media passes $100 billion by 2029
• eMarketer's survey of RMN leaders, run with Bain
• Reality Check(mate), Andrew Lipsman's most recent volley
• Sensor Tower numbers on early ChatGPT advertising
• Read my related articles:
  • The Demons Inside Retail Media, Part 1: GROWTH
  • Does 'Dark Search' Help or Harm Retail Media?
• 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

When I sat down with Harvey Ma at Cannes Lions this week, I wanted to understand what was really happening behind Walmart’s announcement that it was bringing Walmart Connect, Walmart Connect International, and Sam’s Club’s retail media business into closer alignment. On the surface, it looks like a straightforward consolidation storY. But as Harvey explained, the reality is much more nuanced.

In this episode, I unpack what the new Sam’s Club Connect brand means for advertisers, how Walmart and Sam’s Club plan to share technology and measurement capabilities, and why maintaining distinct shopper experiences may be more important than achieving scale. I also explore the surprising differences between Walmart shoppers and Sam’s Club members, and what this tells us about the future of retail media consolidation.

This episode is sponsored by Mirakl Ads

Timeline

00:24 – Walmart announces a major restructuring of its global advertising business, bringing Walmart Connect and Sam’s Club closer together.

02:05 – What the launch of Sam’s Club Connect actually means and why “operate separately, increasingly aligned” is the key phrase to understand.

03:31 – Harvey explains how Sam’s Club’s deterministic member data creates a unique measurement advantage that can benefit Walmart.

04:10 – How Sam’s Club’s experiential retail media expertise—from demos to sampling—could influence Walmart’s broader strategy.

06:19 – Harvey shares why the overlap between Walmart shoppers and Sam’s Club members may be much smaller than advertisers assume.

07:57 – The biggest misconception about the announcement: why Walmart isn’t trying to create “one blob” of retail media.

09:05 – What the Sam’s Club Connect rebrand reveals about retail media consolidation, commerce media networks, and the limits of scale.

Links & Resources

• Follow Harvey Ma, VP & GM, Sam’s Club Connect Retail Media, on LinkedIn
• Read my related articles:
  • 'Not A Tax': How Sam's Club Is Fixing Retail Media's Trust Problem (Forbes)
  • Sam's Club Cracked the Code on In-Store Retail Media—Here's How They Did It
  • Sam's Club Bets Big on 'Experiential' Retail Media
  • What if there really are too many commerce media networks?
• 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

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

Creators and retail media are two of the hottest topics in commerce media right now, and everywhere I turn, I hear that they're converging into a massive opportunity. But the more I listened, the more questions I had. Where does creator-led retail media actually begin and end? Who pays for it? Who measures it? And perhaps most importantly: is this really something new, or is it simply another form of advertising wrapped in fresh packaging?

In this episode, I unpack the growing intersection between creators and retail media networks. Drawing on insights from a recent Inmar Retail Media Confessions Series episode, I explore why the real differentiator isn't the creator content itself: it's the retailer's data, targeting capabilities, and measurement infrastructure. Along the way, I separate influencer marketing from retail media, examine how brands are funding creator-led campaigns today, and share where I currently land on one of the industry's most debated topics.

This episode is sponsored by Mirakl Ads

Timeline

[01:03] - Why creators and retail media have become one of the industry's most talked-about opportunities

[02:00] - The powerful combination of creator storytelling and retailer first-party shopper data

[03:15] - Applying the IAB definition to separate influencer marketing, social commerce, affiliate marketing, and true retail media

[04:15] - Amazon Live as a real-world example of where the lines between affiliate marketing and retail media begin to blur

[06:15] - How brands like Rust-Oleum are using creator content inside retail media networks and retailer-owned channels

[09:30] - The evolving financial models behind creator-led retail media and how agencies and retailers are structuring programs

[12:31] - The biggest misconception about creator-led retail media—and why data and measurement matter more than the creative format itself

Links & Resources

• Watch the full Inmar episode: 2026 Inmar Retail Media Confessions Series - Episode 4
• 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:
  • Is retail media part of search, or is search part of retail media?
  • How Can RMNs Tap Upper-Funnel Brand Budgets
  • Why Creator Brands Are Flocking To Walmart
• In Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP here
• 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

In this episode, I reflect on a panel I joined at Mirakl’s Annual Outpace Summit in New York, where a World Cup analogy sparked a bigger realization about what it really takes for marketplaces to win. It’s not enough to “qualify” by launching a marketplace: you only start unlocking real enterprise value when you understand how to monetize the audience you’ve built.

I break down why marketplaces and retail media networks aren’t separate strategies, but a single flywheel. From Lowe’s marketplace evolution to the rise of seller-funded advertising demand, I explore how assortment drives traffic, advertising monetizes attention, and reinvestment fuels the next wave of growth. I also dig into the risks, from marketplace hesitation to AI-driven disruption, and what retailers must do to stay ahead of what’s coming next.

This episode is sponsored by Mirakl Ads

Timeline

[00:00] I open with a World Cup analogy from Mirakl’s summit and correct my own flawed sports metaphor about marketplaces vs. winning!
[01:41] I explain why marketplaces and retail media networks are actually one flywheel, not separate businesses
[03:17] Key insights from the Mirakl panel featuring Mirakl, Lowe's, and Stanley Black & Decker on marketplace scale and strategy
[05:31] Why sellers are actively requesting ads, and how that demand completes the marketplace advertising loop
[07:23] How even high-awareness brands like Black & Decker use retail media to drive product discovery, not just awareness
[10:23] A Forrester study reveals how top retail media networks outperform by tapping mid & long-tail advertisers
[11:15] I explore the future disruption risk from AI shopping agents and why retailers must rethink ad formats and discovery

Links & Resources

• 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:
  • The Retail Media Doom Loop
  • 7 Ways to Break the Retail Media Doom Loop
  • Beyond banner ads: how retailers are monetizing the moments that actually matter (The Drum)
• 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'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