The Growth Demon Inside Retail Media: Why Profitability Will Define the Next Era (Demons Series Part 1 of 3)

Retail media has spent years chasing top-line revenue growth, but what happens when growth alone is no longer enough? In this episode, I’m joined by Anne Hallock, VP Americas at Mirakl Ads, to kick off our three-part series, The Demons Inside Retail Media. Together, we unpack the first and perhaps most pressing challenge facing the industry today: the growth demon.We explore why retailers are beginning to scrutinize retail media profitability, how internal pressures are reshaping expectations for retail media networks, and why driving the broader retail business — not just ad revenue — has become the new benchmark for success. From Costco’s member-first approach, to Home Depot’s self-serve scaling strategy, this conversation reveals the realities that retail media leaders can no longer afford to ignore.This episode is sponsored by Mirakl AdsTimeline[00:00] Introducing The Demons Inside Retail Media series and the industry's biggest internal challenges.[02:00] Why top-line revenue growth can become a trap, and why profitability is emerging as the new scorecard.[03:25] Anne explains why profitability pressure is coming from inside the retailer, not from retail media teams themselves.[05:15] How consulting firms, budget shifts, and internal politics are changing retail media accountability.[06:45] Lessons from Costco: why retail media must strengthen the retailer’s core business flywheel.[09:45] The role of technology, automation, and self-serve platforms in building profitable retail media networks.[11:15] What Home Depot’s latest retail media investments reveal about the next phase of industry growth.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.Follow Anne Hallock, VP Americas at Mirakl Ads, on LinkedInRead my related articles:Growth Beyond Amazon: Retail Media's Broader OpportunitiesLong-Tail Advertisers Are A Quiet Growth Engine For Top Performing RMNs'Brand Media Lowers the Tax You Pay on Growth,' says Gildan's Jason O'TooleIn 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