Recently an essay stopped me in my tracks. My friend Drew Cashmore (Chief Strategy Officer at Vantage) wrote a brilliant piece for his Retail Media Leapfrog Series newsletter that draws a surprising parallel between the famous Fermi Paradox and the current state of retail media. And with Drew's permission I'm sharing sections of his essay in today's podcast.

The piece delves into a big, uncomfortable question: if retail media is such a massive opportunity, why are so few retailers actually winning? I walk through Drew’s concept of the “Retail Media Fermi Paradox” and unpack the structural challenges (what Drew calls “the great filters”) that are preventing most retailers from scaling. If you’ve ever wondered why the gap between Amazon/Walmart and everyone else keeps widening, this episode will get you thinking.

This episode is sponsored by Mirakl Ads

Timeline

[00:00] – Why I’m featuring Drew Cashmore’s essay and why it’s a must-read

[00:39] – The original Fermi Paradox explained and why it matters here

[02:15] – Introducing the “Retail Media Fermi Paradox”

[03:00] – The shocking concentration: Amazon & Walmart dominate ~90% of spend

[04:10] – Great Filter #1: The “tactic trap” and copying Amazon’s playbook

[05:32] – Great Filter #2: The retail media “doom loop” and underinvestment

[08:19] – Great Filters #3 & #4: Commoditization and fragmented tech stacks

[09:30] – Quick preview: how retailers can break through these barriers

Links & Resources

• Read Drew Cashmore's essay: Retail Media Leapfrog Series: The Fermi Paradox
• Subscribe to Drew's newsletter: Retail Media Leapfrog Series
• Follow Drew Cashmore, Chief Strategy Officer at Vantage, on LinkedIn
• Read my related articles:
  • The Retail Media Doom Loop
  • Retail Media's Next Challenge: Proving Real Results
  • 7 Ways to Break the Retail Media Doom Loop
• Subscribe to Retail Media Breakfast Club's daily newsletter
• Follow Kiri Masters on LinkedIn

Today I'm unpacking a fascinating conversation from a recent episode of the Unlocking Retail Media podcast with Andrew Covato and host James Avery that reframed how I think about measurement in retail media networks. If you’ve ever wondered why brands keep getting frustrated — or why retail media struggles to prove its value — this conversation gets right to the heart of it.

I use snippets from the podcast to break down three major gaps that are holding retail media back, from misaligned measurement strategies to outdated data approaches. I also explore why the biggest ad platforms succeed where retail media often fails, what sophisticated advertisers are really asking for today, and how measurement needs to evolve to stay credible. If you're in retail media, brand marketing, or ad tech, this is an important primer on how to tackle measurement head on.

This episode is sponsored by Mirakl Ads

Timeline

[00:00] - The recurring disconnect: why brands ask for data but get dashboards instead
[01:09] - Lesson #1: Why big ad platforms win by staying measurement agnostic
[04:00] - Lesson #2: Retail media is solving for the wrong measurement questions
[05:15] - The shift from user-level attribution to aggregated modeling & experimentation
[07:03] - Lesson #3: Why first-party lift is “grading your own homework”
[09:00] - The measurement maturity curve: from attribution to incrementality to MMM
[10:00] - The hidden problem: why most brands can’t actually evaluate the data they’re given

Links & Resources

• Listen to the full Unlocking Retail Media episode: Measurement Science and the Future of Performance with Andrew Covato
• Subscribe to Unlocking Retail Media on Apple Podcasts
• Follow Andrew Covato, Founder & CEO @ Growth By Science, on LinkedIn
• Follow James Avery, Founder & CEO @ Kevel , on LinkedIn
• Read my related articles:
  • 83% of retail media campaigns can be gamed on iROAS. Here’s how (The Drum)
  • Brands demand retail media standards. Retailers say it's too hard. Do they kind of have a point?
  • Retail Media's Measurement Problem: It's Not Just the Retailers
• Subscribe to Retail Media Breakfast Club's daily newsletter
• Follow Kiri Masters on LinkedIn

Today I’m revisiting a recent article I penned for The Drum and digging into something that feels almost counterintuitive in a world obsessed with AI and automation: the resurgence of print magazines, catalogs, and direct mail as powerful retail media channels. I share why Gen Z and millennials are actively seeking out physical, tactile experiences, and how that shift is creating a surprising opportunity for retailers and brands to reconnect with shoppers in more meaningful, high-trust environments.

I also walk through real-world examples — from Costco to Amazon to retailers in Australia — who are already turning editorial content and print media into high-performing retail media assets. If you’ve been thinking about the future of retail media as purely digital, this episode might challenge that assumption. Because in an AI-driven shopping landscape, the most defensible advantage might just be sitting on your customer’s kitchen counter!

This episode is sponsored by Mirakl Ads

Timeline

[00:00] – Why Gen Z is rediscovering print, vinyl, and physical retail experiences
[01:02] – How AI-powered shopping is threatening traditional retail media margins
[01:37] – The overlooked opportunity in retailer magazines and print media
[02:03] – Costco Connection: scale, trust, and measurable purchase influence
[04:15] – Bunnings and building a retail media network around print content
[06:19] – Chemist Warehouse and turning content into a full media brand
[08:00] – The rise of programmatic direct mail and why it’s outperforming digital
[09:32] – Escaping the retail media “doom loop” with editorial strategies

Links & Resources

• My original article on The Drum: The humble magazine might be retail media's most defensible surface
• Read my related articles:
  • Dark Search, Broken Signals, and What Comes Next for Retail Media
  • Standing Room Only: What Shoptalk Attendees Wanted Most Wasn’t on the Main Stage
  • While We Debate What's 'Really' Agentic, Retail Media's Foundation Is Already Shifting
• Atlanta-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 newsletter
• Follow Kiri Masters on LinkedIn