Retail Media Is Mid? The Brutal Truth About Amazon, Walmart & the Future of Retail Media

At Advertising Week New York, I had a surprising encounter that perfectly captured a growing sentiment in the advertising industry: that retail media is nothing more than a tax on brands. It’s a criticism I’ve heard more than once, and one that raises some important questions about where the industry stands today.In this episode, I unpack the strongest arguments both for and against retail media’s future. Drawing on insights from leading industry voices, I explore whether retail media’s reputation problem is justified, why Amazon’s dominance continues to shape perceptions, and what could happen if retailers fail to evolve beyond the same old playbook. Is retail media truly becoming 'mid,' or are we underestimating one of the most important transformations in modern advertising?This episode is sponsored by Mirakl AdsTimeline[00:00] My unexpected encounter at Advertising Week and the claim that retail media is “the scourge of the advertising world.”[01:15] Why some industry leaders believe Amazon is the only real winner in retail media, and what they're missing.[02:15] The bigger concern: retail media’s growing perception problem among both consumers and industry professionals.[03:36] Andrew Lipsman explains why non-Amazon and non-search retail media are already massive businesses with significant growth ahead.[05:54] Anne Hallock compares retail media’s current stage to the early days of programmatic advertising and explains why “clunky” doesn’t mean insignificant.[07:30] Anna Laura Zane discusses why retailer data, not sponsored product ads, is becoming the industry's most valuable asset.[08:30] The real risk facing retail media: retailers copying the same playbook without making meaningful investments in growth and innovation.Links & ResourcesThe Agentic AI Revolution is here. The competitive edge belongs to those who move faster than disruption itself. Join Mirakl Ads and myself in New York City for Outpace on June 10, 2026. Strategies, insights, and connections built for the era of agentic commerce. Save your spot.Subscribe to Andrew Lipsman's newsletter Media, Ads + CommerceFollow Anne Hallock, VP Americas at Mirakl Ads, on LinkedInFollow Ana Laura Zain, Chief Marketing Officer at MetaRouter, on LinkedInRead my related articles:Is Retail Media Actually Kinda '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 hereI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn