Observed Signal · Jul 7, 2026 · Industry Analysis · Source: The Drum · Impact: 3/5 · Sentiment: Neutral
Retail Media's Reckoning: Who Holds the Power?
The Drum’s Current Accountability episode argues retail media has entered a new phase: the rapid, easy growth is over and power is fragmenting among retailers, platforms and brands. Industry leaders warn many retail media networks are reaching onsite saturation, AI is reshaping product discovery (threatening retailer-dependent traffic), and networks must prove differentiation to capture brand budgets. Measurement and speed-to-action remain urgent problems—executives cite the need for objective cross-network measurement and a damaging "data-to-action" delay. Several companies describe efforts to unite brand and commerce media (connected commerce) to own the funnel end-to-end. The episode frames future growth as contingent on accountability, adaptability and rethinking where value is created across the commerce-media ecosystem.
Retail media maturation, AI-driven discovery changes, and persistent measurement and speed-to-action problems affect advertiser budgets, retailer monetization strategies, and measurement practices—important for marketers, RMNs, and adtech vendors but not a single-platform policy or technical release.
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Key Takeaways & Evidence Grounding
- The Drum published a Current Accountability episode (2026-07-07) focused on the changing state of retail/commerce media.
- Multiple industry leaders say the "easy money" for retail media is gone and many retail media networks are experiencing onsite saturation.
- Speakers warn AI is altering the customer journey and could reduce the onsite traffic retailers historically relied on for retail media monetization.
- Measurement remains a core priority: executives call for objective measurement across retail media networks and highlight a roughly 48-hour data-to-action gap that undermines shopper responsiveness.
- Some companies are consolidating brand and commerce under single capabilities ("connected commerce") to manage the full funnel from discovery to conversion.
Connected Companies & Entities
5 Entities mapped“It is certainly not the brands, argues Maggie Merklin, chief client officer, Analytic Partners.”
“We are in a critical moment for retail media because all of the easy money for retail media is gone, says Claire Wyatt, general manager, bus...”
“Continuing to make sure that we are getting the right measurement, that we have objective measurement of retail media performance and tactic...”
“There is almost like this 48-hour data-to-action gap. By the time you get the insight... you often lose the shopper, says Paul Frampton-Cale...”
Ontology Mapping & Concepts
Related Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
Retail media is a 'prison' — time to break free
The Drum's second Basket Case podcast episode argues that retail media, once hailed for accountability, has become restrictive by prioritizing short‑term ROAS and bottom‑of‑funnel measurement. Commentator and analyst Kiri Masters and guest Jason O’Toole (who at recording led connected commerce and media for Gildan and has since moved to Dentsu) discuss how an integrated brand-and-commerce approach can lift point-of-sale, traffic and branded search while lowering acquisition costs. QSIC's Marc Walkin counters that product issues, not just lack of brand investment, are holding back retail media's ability to win brand budgets. The episode mixes satire with candid debate and introduces concepts such as O’Toole’s '95/5' rule while calling for changes to incentives, measurement and product to move beyond ROAS-focused thinking.
All Media is Commerce Media: The Infinite Storefront
The Drum's documentary series explores the convergence of brand, media, and commerce, arguing that retail media is evolving into 'commerce media' across all channels. Industry leaders from The Trade Desk, DoorDash, dentsu, Albertsons Media Collective, Roku, Cint, Roundel, and Mars Pet Nutrition discuss how shopping is expanding beyond retail sites to social, TV, hotels, and airlines. The shift is driven by first-party data, attribution, and the ability to connect media investment directly to sales. However, measuring across fragmented touchpoints remains a challenge. The episode highlights the breakdown of silos between awareness and conversion, positioning commerce media as the future of all advertising.
Retail Media Silos and Measurement Hamper Growth
Executives at an ADWEEK House panel held at the Possible conference in Miami discussed persistent challenges slowing retail media growth despite forecasts of nearly $70 billion in spend this year (per Emarketer). Panelists—representing retailers, commerce media networks, brands and adtech firms—said Amazon and Walmart capture the majority of retail media dollars with operating models that are difficult for most retailers to replicate. That concentration, combined with issues around profitability, measurement, collaboration and lack of standardization, has contributed to slow or uneven expansion of many retail media networks and repeated network “resets.” The discussion highlighted the need for better measurement and cross-industry alignment to unlock broader retail media profitability and scale.
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