“If I was a media planner and you gave me the first dollar, would I spend it in retail media? The answer would be no. But if we don’t invest, we might not be findable — and if we’re not findable, it’s the equivalent of not being distributed at a retailer.”
That quote says it all.
The first wave of retail media growth is over.
The hype phase — the one driven by platform launches, inflated expectations, and “just add budget” momentum — has peaked.
Now comes the hard part: maturity.
Up to now, it’s been “grow, baby, grow” — more retailers, more platforms, more inventory, more spend. Retail media’s YOY growth figures have been eye-watering.
But in 2025?
With economic uncertainty, tighter budgets, and pressure on every dollar, there’s a shift happening. A sharper, more sceptical lens is being applied — not just by brands, but by media planners.
A recent ADWEEK piece (link in comments) is one of the first trade articles to go overtly negative on retail media.
It raises some uncomfortable but important questions:
• Is retail media actually valuable on a media plan?
• Are joint business plans just a lever for forced spend?
These topics reflect some of the core critiques of retail media investment:
❌ “It’s not advertising, it’s a distribution tax that creates more margin for retailers.”
❌ “It doesn’t drive incremental sales — it just harvests what would’ve happened anyway.”
Of course, the reality is more nuanced. It’s contextual. It depends on category, retailer, audience, and execution.
But here’s the shift:
We’re entering a more transactional, negotiation-heavy era between brands and retail media owners. Less blind growth. More scrutiny.
That’s a good thing.