Does Size Matter in Retail Media? It Depends Who’s Buying

Are there really only 10 or 20 successful retail media networks, or are we overlooking the value of the other 180? A recent LinkedIn post from Brian Spencer at Kroger Precision Marketing sparked a debate about what it takes to be a successful retail media network, and I wanted to dig into one of his key criteria: scale. Because while scale absolutely matters to some advertisers, I think the bigger question is: scale for whom? In this episode, I unpack why national CPG media teams gravitate toward the biggest retail media networks, what that means for smaller and regional players, and why shopper marketing teams could be the key to unlocking the long tail of retail media. From Amazon and Walmart, to Woolworths in Australia and H-E-B in Texas, I explore why a network that looks small on a national media plan can be absolutely critical to winning in a specific market. And as the biggest networks chase upper-funnel brand budgets, I look at the very different growth challenges facing the rest of the industry. This episode is sponsored by GrowthLoopTimeline[00:00] – The LinkedIn debate that got me thinking: Are there really only 10 or 20 successful retail media networks?[02:10] – Why even the biggest CPG advertisers don't want to manage more retail media networks.[03:14] – Inside the $1 billion club: The commerce media networks publicly reporting more than $1 billion in ad revenue.[06:00] – Why scale is relative, and why regional retail media networks still matter in markets like New Zealand, Ireland, and Australia.[09:22] – Who buys the long tail? Why shopper marketing teams could be the answer for smaller retail media networks.[12:24] – How two things can be true: Only a handful of networks may matter to national media directors, while hundreds remain relevant locally.[13:01] – The retail media doom loop: Why scale, technology, talent, and advertiser budgets are so difficult to balance. Links & ResourcesThe LinkedIn post from Brian Spencer that sparked the debateFollow Brian Spencer, Marketing Director at Kroger Precision Marketing, on LinkedInRead my related articles:Some Retailers Want to Power Other Retailers' Ad Businesses. Will It work?7 Ways to Break the Retail Media Doom LoopWhat It Actually Takes to Build a Retail Media FederationThe Retail Media Doom Loop: 2026 EditionHow Can RMNs Tap Upper-Funnel Brand BudgetsCheck out Basket Case, a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series where we talk shop.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