Why Retail Media Looks So Different in the US vs Europe (And Why You’re Comparing It Wrong)

Last year, I found myself navigating chaotic scooter traffic in Thailand, only to realize how dramatically things can change with just a little extra weight. And honestly, that experience became the perfect metaphor for something I see all the time in retail media: people trying to compare markets like the US and Europe as if they’re built the same… when they’re absolutely not.Today I'm unpacking a fascinating conversation I had with Adam Smith from Iceland and Daniel Torres Dwyer on the FMCG Guys podcast. We dig into the real reasons why retail media has evolved so differently across regions: from geography and regulation to e-commerce penetration and legacy trade structures. If you’ve ever wondered whether the US is “behind” in-store retail media (or if those comparisons even make sense), this one will challenge how you think about the entire landscape.This episode is sponsored by Mirakl AdsTimeline[00:36] – Why retail media comparisons across markets can break down [01:26] – Setting the stage: US vs UK retail media discussion with Adam Smith [02:00] – Adam on scale differences and the challenge of in-store digital rollout [03:07] – I break down the structural reasons the US market operates differently [04:07] – GDPR and why offsite retail media is more developed in the US [05:00] – The Robinson-Patman Act and its hidden impact on retail media budgets [06:10] – Industry debate: are we measuring the wrong things across markets? [09:30] – Why “US is behind in-store” is a misleading narrative [11:25] – Final takeaway: different markets, different paths, and what we can learnLinks & ResourcesListen to the full FMCG Guys ep: Adam Smith, Head of Retail Media at Iceland and Kiri MastersSubscribe to The FMCG Guys on YouTube and Apple PodcastsFollow Adam Smith, Head of Retail Media @ Iceland, on LinkedInFollow Daniel Torres Dwyer, Founder @ Dwyer Partners, on LinkedInRead my related articles:Why US Retail Media Hits DifferentAgentic Shopping Poses An Existential Threat To Retail Media (Part 2)Why RMNs Keep Their Tech Stacks SecretAtlanta-based retail media professionals: Wednesday, April 1 is the next In-Person Atlanta Happy Hour! RSVP here.Subscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn