Retail Media Breakfast Club

Kiri Masters
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10 minutes of expert insights every weekday. Your morning ritual for staying ahead in retail media.

  1. Cannes Lions 2026 Dispatch: Agentic Media Buying, Retail Media Shakeups, and the Future of Creator Commerce

    15 hrs ago

    Cannes Lions 2026 Dispatch: Agentic Media Buying, Retail Media Shakeups, and the Future of Creator Commerce

    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 DOOHSubscribe to The CPG Guys podcast on Apple PodcastsFollow Nicole Lesinski, Director, eCommerce Strategy @ Nestlé on LinkedInFollow Tony Rogers, CMO @ Dollar General Media Network, on LinkedIn Follow Gabby Stoller, CRO @ Big Happy, on LinkedInRead my related articles:The Last Mile of America: Inside Austin Leonard's Plan For Dollar General Media NetworkEveryone'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: @retailmediabreakfastclubCatch me at Cannes 2026, check out all my EventsSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

    10 min
  2. PayPal Ads’ Big Retail Media Bet: Why Shoppable Ads Could Finally Work (And The Future of Commerce in an AI World)

    1d ago

    PayPal Ads’ Big Retail Media Bet: Why Shoppable Ads Could Finally Work (And The Future of Commerce in an AI World)

    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 LinkedInPayPal Ads Delivers Bottom-Line Growth Advertisers Can MeasurePayPal Unleashes the Power of Retail Media for Small BusinessesAscendant Network’s inaugural SHOWCASE upfront on Sept 2, 2026 in NYCI'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubCatch me at Cannes 2026, check out all my EventsSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

    11 min
  3. Retail Media at Cannes, 278 Episodes In & What’s Next for Retail Media Breakfast Club (Break Announcement + New Projects)

    2d ago

    Retail Media at Cannes, 278 Episodes In & What’s Next for Retail Media Breakfast Club (Break Announcement + New Projects)

    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 LeavingBasket Case podcast produced by The Drum & Qsic: Missing! In-Store MediaCatch me at Cannes 2026, check out all my Events I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

    9 min
  4. Chewy Ads vs. Retail Media’s Data Hoarders: Why Transparency Wins in Retail Media

    6d ago

    Chewy Ads vs. Retail Media’s Data Hoarders: Why Transparency Wins in Retail Media

    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 backwardsFollow Frank Mulcahy, Head of Chewy Ads, on LinkedInThe Drum: Why retail media needs Costco more than Costco needs retail mediaMeet 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 ItselfBrian Monahan's 'Bloody Obvious' Bets Are Shaking Up Albertsons Media CollectiveWhy retail media’s ‘mid’ moment may be its turning point (The Drum)Catch me at Cannes 2026, check out all my EventsI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

    11 min
  5. The Shortcut Demon: The AI Data Problem Nobody In Agentic Commerce Wants to Fix (Demons Series Part 3 of 3)

    Jun 17

    The Shortcut Demon: The AI Data Problem Nobody In Agentic Commerce Wants to Fix (Demons Series Part 3 of 3)

    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: GROWTHPart 2 of the Demons series: The Demons Inside Retail Media: Part 2, SILOSFollow Anne Hallock, VP Americas at Mirakl Ads, on LinkedInRead my related articles:Retail Media: Same Job Description, Different InvoiceDid 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 hereCatch me at Cannes 2026, check out all my EventsI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

    13 min
  6. Creator-Led Retail Media Explained: The Truth About Influencer Marketing, Retail Media Networks & Shopper Data

    Jun 16

    Creator-Led Retail Media Explained: The Truth About Influencer Marketing, Retail Media Networks & Shopper Data

    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 4Meet 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 BudgetsWhy Creator Brands Are Flocking To WalmartIn Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP hereI'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

    15 min
  7. Retail Media Flywheel Explained: How Marketplaces Become Ad Revenue Engines (Lowe’s Case Study + Future of Commerce)

    Jun 15

    Retail Media Flywheel Explained: How Marketplaces Become Ad Revenue Engines (Lowe’s Case Study + Future of Commerce)

    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 Loop7 Ways to Break the Retail Media Doom LoopBeyond 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 hereCatch me at Cannes 2026, check out all my Events I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

    13 min
  8. The Retail Media Reckoning: 6 Survival Strategies for Commerce Media Networks Before It’s Too Late

    Jun 11

    The Retail Media Reckoning: 6 Survival Strategies for Commerce Media Networks Before It’s Too Late

    Recent;u, I made the case that retail media is far more than a tax on brands or a rounding error disguised as a marketing channel. I still firmly believe that. But believing in the opportunity doesn't mean believing every retail media network will succeed. In this episode, I unpack a sobering reality facing the industry: while retail media continues to grow, the vast majority of that growth is flowing to a handful of dominant players. Drawing on a recent IAB white paper, I break down the six strategic paths available to commerce media networks, and explain why chasing scale may be the wrong goal for many retailers. From merchant-aligned media and experience-led commerce to coalition models and infrastructure plays, I explore the tough choices retail media leaders need to make before the market makes those choices for them. This episode is sponsored by Mirakl Ads Timeline [00:00] Why I can defend retail media's future while still believing many retail media networks won't survive. [01:07] The growth math behind retail media, plus why Amazon and Walmart continue to capture most of the upside. [02:45] The IAB's warning to commerce media networks and the coming industry reckoning. [04:18] Path 1 and Path 2: Building a full-scale media platform versus running a lean, profitable media business. [06:15] Path 3: How merchant-aligned media is changing the conversation, with lessons from The Home Depot. [09:21] Path 4: Experience-led media and why creating memorable shopper experiences may be a competitive advantage. [10:15] Paths 5 and 6: Infrastructure providers, retail media coalitions, and why collaboration remains difficult in practice. Links & Resources Read the IAB white paper: Building a More Competitive Commerce Media EcosystemRead my related articles:How retail media could become 'mid'Is Retail Media Actually Kinda 'Mid'? PART 2Dark Search, Broken Signals, and What Comes Next for Retail MediaIn Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP hereCatch me at these EventsI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

    13 min
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About

10 minutes of expert insights every weekday. Your morning ritual for staying ahead in retail media.

Information

  • Creator
    Kiri Masters
  • Years Active
    2024 - 2026
  • Episodes
    280
  • Rating
    Clean
  • Copyright
    © 2026 Kiri Masters
  • Show Website
    Retail Media Breakfast Club

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