Retail Media Breakfast Club

I recently joined Wendy Liebmann on the Future Shop podcast for a conversation about one of the biggest questions facing retail today: what happens to retail media as AI changes the way people shop?
In this episode, I share snippets from my chat with Wendy and explore why the current retail media model may be heading for a major shift, how AI-powered shopping assistants could dramatically reduce ad inventory, and why retailers shouldn't panic. We also dig into what will continue to differentiate successful retailers in an AI-first world i.e. why customer experience, convenience, and unique value propositions matter more than ever. If you're thinking about the future of retail, ecommerce, or advertising, this is a conversation you won't want to miss.

This episode is sponsored by GrowthLoop
Timeline
[00:22] – Why AI is fundamentally changing shopping behavior and what that means for retail media.
[01:41] – How retailers should rethink customer journeys instead of focusing only on ad placement.
[03:27] – My analysis of Amazon's Rufus and why AI shopping assistants could dramatically reduce available advertising inventory.
[05:10] – What shrinking ad supply could mean for retail media economics and retailer revenue models.
[07:46] – Why Costco is a powerful example of building retail media around customer value instead of maximizing ad volume.
[11:25] – The lesson retailers should take from real-world shopping decisions: convenience and experience often beat price.

Links & Resources
Listen to my appearance on Wendy Liebmann's podcast Future Shop
Subscribe to Future Shop on Spotify
Follow Wendy Liebmann, CEO at WSL Strategic Retail, on LinkedIn
For a great recap of Amazon's earnings results and this mechanism, check out the most recent episode of the Jason + Scot Show podcast
Kroger Precision Marketing launched new AI assistant ad units just last week
Read my related articles:ChatGPT Ads Are Here. I'm Not Panicking.
AI-Enabled Shopping Hits 74% Adoption
Maybe Ads in AI Don't Have To Suck?

Check out Basket Case, a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series talking shop. The latest episode dropped last week
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

What if the biggest mistake a retail media network can make is trying to copy Amazon?
In today's episode, a recap of my recent article for The Drum, I unpack a fascinating conversation I had with Dave Young, GM of Retail Media at Dick's Sporting Goods. Dave has intentionally moved away from the term retail media network in favor of something much more reflective of what they're actually building: a commerce-enabled sports network. I explore why that distinction matters, why differentiation has become essential for specialty retailers, and what Dick's unique approach could signal for the future of retail media.
I also break down why so many retail media networks fall into the same commodity trap, how first-party sports data from the GameChanger youth sports app creates a different competitive advantage, and why organizational structure may be just as important as technology when building a successful media business.
This episode is sponsored by GrowthLoop
Timeline
[00:00] Why Dave Young is intentionally avoiding the term "retail media network."
[01:26] Why copying Amazon's retail media playbook is a losing strategy for specialty retailers.
[03:00] How GameChanger gives Dick's Sporting Goods a unique first-party data advantage beyond purchase history.
[05:45] Why reporting into the CMO changes the way retail media partnerships are built.
[07:21] Inside Dick's World Cup campaign with Adidas — and why differentiated campaigns matter more than sponsored products.
[09:36] The biggest lesson: retailers win by building media businesses around their own strengths, not someone else's playbook.

Links & Resources
My original article for The Drum: The retail media lesson inside Dick’s World Cup push
PR Newswire: DICK'S and adidas Celebrate FIFA World Cup 2026™ with Star-Studded "Where It All Kicks Off" Campaign
Read my related articles:Why retail media’s ‘mid’ moment may be its turning point (The Drum)
Why Home Depot put its merchants on stage at its retail media upfronts (The Drum)

Check out Basket Case, a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series talking shop. The latest episode dropped last week
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

After taking a few weeks completely offline, I'm back! And surprisingly, being out of the loop has been one of the best things I could have done. In this episode, I share why disconnecting from retail media, AI headlines, LinkedIn, and industry news gave me a fresh perspective on both my work and the consumers we're all trying to serve.
I also give you a personal update on my family's move back to Australia, what's ahead for Retail Media Breakfast Club this season, the projects I'm most excited about, and why I'm doubling down on what's already working instead of chasing every shiny new opportunity. If you've ever felt like our industry moves faster than reality, I think you'll enjoy this episode.
This episode is sponsored by GrowthLoop
Timeline
[00:00] What I learned by completely unplugging.
[01:09] Why being "out of the loop" reminded me that industry urgency often isn't real life.
[02:15] Reconnecting with the mindset of the everyday consumer and why that's so important for retail media.
[05:45] An update on my family's move back to Perth, Australia, and settling into our new chapter.
[06:45] Why I'm avoiding shiny object syndrome and focusing on sustainable growth for the rest of the year.
[07:46] The projects I'm most excited about, including funny industry videos, GrowthLoop, Basket Case, and rediscovering Australian retail.
Links & Resources
My personal essay about relocating back to Perth
A huge thank you to the new sponsor for this season, GrowthLoop! GrowthLoop first came on my radar as a named tech provider of Costco Velocity in early 2026. I'm excited to continue collaborating with a company who's making big waves in the RMN space! Learn more about GrowthLoop
My Media Diet
Basket Case! This is a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series talking shop. They also feature some of those silly videos I mentioned. The latest episode dropped last week
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 Books
When dreaming of my European vacation I only had one vision in mind: park my butt on various beaches, eat great food, and read a fat stack of novels. On these metrics, the vacation was a huge success. I didn’t have any luggage space for souvenirs, but I gained some souvenir weight (!!) and made a solid contribution to my Goodreads “read” list. Here are my faves:
Rosie and Imperfect Birds by Anne Lamott. Somehow I missed that this is a 3-part series and skipped the second book. No matter. Both books were gripping portrayals of the ups and downs of family life and are able to stand alone.
The Talented Mr Ripley by Patricia Highsmith. Never got around to watching the film, and I’m really glad I didn’t because the book was excellent. A master feat of taking a very unsavory and unlikeable protagonist and somehow making you want them to succeed.
The Calloway Tetralogy by Jay McInerney. Poignant but entertaining (and at times very funny) character study of a yuppie couple living in New York City, set over several decades. Another example of anti-heroes that you grow to love. Told across four novels which again somehow, I failed to read in order.

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