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