At the recent What’s In Store for Retail Media Networks event in London, the third masterclass brought together two trailblazers in the in-store retail media space: Georgia Riley from the John Lewis Partnership and Patricia Grundmann of OBI First Media Group. Moderated by Retail Gazette’s Kieran Howells, the session offered valuable insights into how these leading retailers are redefining the in-store experience and retail media’s role within it.

Bridging Brand and Environment

Both John Lewis and OBI are investing in retail media networks that enhance—not disrupt—the in-store customer experience. Georgia Riley outlined how John Lewis and Waitrose are mid-way through a five-year transformation that focuses on uniting physical media assets like digital screens, recipe cards and window displays to tell a cohesive customer story. The goal: guiding and enriching the customer journey without overwhelming it.

For OBI, the journey is more mature, having started seven years ago. Patricia Grundmann highlighted the importance of supporting long and often complex decision-making processes in DIY shopping. By linking CRM data across channels and markets, OBI tailors campaigns to local store conditions and real-time context—such as weather or product availability—bringing precision to both endemic and non-endemic brand activations.

Data That Informs, Not Overwhelms

Both speakers agreed: data is powerful, but only when it tells a clear story. Riley acknowledged the temptation to over-deliver data to brand partners and stressed the need to shift towards insight-led narratives that demonstrate emotional connection and long-term brand building—not just ROI.

Grundmann broke data strategy into three pillars: performance measurement, customer insights, and audience segmentation. At OBI, these components enable retail media to begin with data, shape campaign strategy, and validate outcomes—transforming raw metrics into actionable value for brands.

Balancing Commercial Ambition and Brand Integrity

A major theme throughout the discussion was internal alignment. Riley spoke candidly about the challenges of navigating internal expectations—some stakeholders viewing retail media as quick revenue, others as a disruption to carefully curated store environments. For both John Lewis and Waitrose, the key is patient collaboration, testing, and proving the value of well-integrated brand campaigns.

At OBI, aligning with category management was essential from the outset. Grundmann emphasized the need to avoid internal friction, positioning retail media as a strategic pillar (not a sales add-on) and using customer data to extend what “home and garden” means through both endemic and non-endemic partnerships.

In-Store Media as a Guide, Not a Billboard

Ultimately, the session underscored that in-store media should act as a guide—helping customers navigate physical space, discover relevant products, and connect with brand narratives. For both retailers, ideal campaigns are collaborative, context-aware, and seamlessly integrated into the wider customer experience.

Retailers and brands alike should take note: when done right, in-store retail media doesn’t just drive sales—it drives meaningful engagement.

 

Unlock the insights—watch the full masterclass here. 

Explore every session from London’s What’s In Store for Retail Media Networks event here.

In the second masterclass of the What’s In Store for Retail Media Networks event in London, Craig Macdonald, Partner at McKinsey & Company, offered a broad and enlightening look at the fast-evolving European retail media landscape — what’s working, what’s not, and what must change for networks to survive the next phase of growth.

Macdonald’s core message was clear: demand for commerce media is high, but supply and its execution  are not where it needs to be in order to make the most of the opportunity. 

The Good News: Demand is There, and Retailers Are Innovating

Macdonald opened on an optimistic note, calling out sponsored listings as an established, high-performing digital product that’s already delivering value for both retailers and brands. He also praised European leadership in measurement standardization (driven largely by the IAB) which is creating much-needed alignment between agencies, brands and retailers.

He noted that Europe, particularly the UK and Northern Europe, is ahead of other regions in building solid loyalty infrastructure and advancing in-store digital maturity. These foundational elements are now fueling investment in available in-store networks that are more targeted, measurable and media-ready.

In fact, Macdonald shared examples where retailers are commanding CPM rates of £10–12 for strategically positioned digital signage, outperforming standard digital out-of-home media rates. Structured as media inventory rather than trade placements, these screen networks are emerging as premium, high-value properties.

But There’s a Catch: Fragmentation, Limited Inventory and Tough Trade-Offs

While opportunity abounds, Macdonald didn’t shy away from the sector’s current challenges. One standout issue: digital inventory is constrained, especially in Southern and Eastern Europe, where e-commerce penetration remains low.

Compounding this is the issue of fragmentation. Outside of Amazon, few retail media networks in Europe command meaningful scale. As Macdonald pointed out, “There can’t be 40 retail media networks in pet food”— a nod to the growing need for consolidation.

For brands seeking regional or pan-European campaigns, the long tail of small players creates inefficiencies. Administrative complexity, inconsistent offerings and measurement friction all drive advertisers to prioritize larger, more unified networks.

Retail Media is Still Seen as Performance, Not Brand Media

Despite efforts to reposition retail media as a brand-building tool, Macdonald noted that many agencies and brands still view it primarily as a performance channel.

While in-store media is uniquely positioned to influence both upper and lower funnel objectives, most retailers haven’t yet articulated or packaged their offerings in a way that reflects that dual value. Macdonald stressed that this is where in-store digital networks, when sold with robust targeting and measurement, can act as a catalyst for repositioning retail media as a true brand medium.

Governance, Sales and Simplicity: The Critical Building Blocks

A recurring theme was the importance of getting the basics right. According to Macdonald, many retail media initiatives stall because they fail to establish proper governance. Simply rebranding trade promotions as media is not enough. To unlock incremental revenue, retailers must create new media products, go after brand media budgets and build dedicated sales teams with the skillsets to sell media — not just space.

Retailers also need to simplify. Over-complicated offerings with too many formats or bespoke processes only serve to slow things down. “Media loves scale,” said Macdonald. Standardized, scalable products aligned to industry expectations are key to attracting spend.

Looking Ahead: Four Forces Shaping the Future

To close, Macdonald outlined four trends that will define the next 3–5 years of retail media:

1. Consolidation – With too many players in too many categories, expect mergers, acquisitions and partnerships to create more scale and efficiency. 
2. Expansion to Video – As digital and in-store inventory caps out, high-value video formats — both online and offline — will offer new revenue streams. 
3. New Entrants – Telecoms and travel companies are now entering the commerce media space, creating new competition for non-endemic spend. 
4. AI at the Margins – While generative and agentic AI are buzzworthy, Macdonald predicts a muted impact outside of creative optimization and platform-level efficiencies. 

Final Thought: Change Management Will Make or Break Success

The final audience question, on how to handle joint business plans (JBPs) that are already heavily in-store-focused, brought home the scale of transformation required. Macdonald stressed that evolving retail media networks is as much about change management as it is about technology or strategy.

True success, he concluded, will come when media and trade investment are unified into one integrated offering — backed by better pricing, better reporting and better alignment between commercial and media teams.

Whether it is called retail or commerce media – the opportunities presented by the marketing channel represent a true business transformation.

Unlock the insights—watch the full masterclass here.

Explore every session from London’s What’s In Store for Retail Media Networks event here.

 

Retail Media Networks (RMNs) are no longer just a buzzword — they’re a battleground. And at the What’s In Store for Retail Media Networks event in London, Chris Riegel, CEO of STRATACACHE, delivered a powerful keynote that set the tone for the day: 2025 is about raising the bar for in-store retail media.

Having spent over 25 years driving innovation in the space, Riegel wasted no time getting to the heart of the matter: retail media is evolving rapidly, and the in-store opportunity is now the most exciting  and the most strategically critical component.

From Opportunity to Urgency

In-store media is entering a “Winner takes most” phase, according to Riegel. While no single retailer will dominate an entire sector, first-movers are already leveraging RMN profitability to gain disproportionate market share. As Riegel highlighted, “retail businesses are adding these large-scale media businesses because they have to in order to remain competitive.”

He cited a striking example from Walmart: retail media accounts for less than 2% of revenue but contributes nearly 24% of profit. That’s not just strategic,  it’s transformative.

Digital Plateau, In-Store Surge

Riegel broke down the RMN landscape into five sectors, focusing on three where growth is accelerating:

• In-store digital
• Connected TV (CTV)
• Shopper data 

While online and mobile are plateauing at 1% growth, these in-store channels are seeing a robust 30% growth trajectory through 2029.

So why is such a small fraction of ad spend (0.02%) focused in-store when 93% of purchases still happen there? That’s the paradox Riegel wants the industry to confront. 

Why In-Store is Indispensable

Riegel positioned in-store retail media as vital for new product discovery, customer experience, and conversion. Data from the ANA (Association of National Advertisers) backs this up:

• 59% of top advertisers see direct sales impact as the biggest opportunity in RMNs.
• 62% plan to increase spend over the next two years.
• Conversion rates? A compelling 7% uplift on product-specific campaigns.

It’s not just shopper marketing — it’s full-funnel impact.

Three Strategic Levers for 2025 and Beyond

Riegel left the audience with three critical strategies for success:

1. Create “No Lose” Scenarios

Borrowing tactics from an unnamed major German retailer, Riegel introduced the idea of guaranteed conversion performance. If the RMN doesn’t hit the agreed-upon lift — say 3.5% — the advertiser doesn’t pay. These action-based models are transforming how value is measured and de-risking the spend for brands.

2. Treat Loyalty Data as the New Cookies

Shopper loyalty programs and in-store sensors are enabling “Identity and behavioral graphs.” This allows for precise retargeting across both in-store and CTV environments. Imagine knowing when a customer’s laundry detergent is running low and targeting them days before they return to the aisle. That’s real-world predictive analytics in action.

3. Use External Capital to Fund Growth

Building RMNs is expensive and often stuck in budget limbo. Riegel described how STRATACACHE has enabled large British retailers to launch networks by leveraging ad revenue to finance infrastructure — making scale possible without internal capital.

Raising the Bar: The Final Word

Riegel’s call to action was clear: Retailers must elevate their in-store media strategies. That means building trust with brands, investing in attribution, and connecting in-store moments with wider digital experiences like CTV. Most importantly, retailers shouldn’t go it alone — because, as Riegel put it, “If you have the audience, the capital is there to make it successful.”

Unlock the insights—watch the full masterclass here.

Explore every session from London’s What’s In Store for Retail Media Networks event here.