The moment. Walmart’s advertising business grew 38% and lifted full-year guidance in the same quarter its core sales growth hit a six-year low. Commerce media spend reached $83.71 billion and accelerated to 25% growth in Q2, outpacing retail itself, while WARC put retail media above $200 billion for 2026 with growth slowing to single digits. Simon Property Group and Topgolf both launched networks.
The tension. Retail media is growing considerably faster than the retail underneath it, which makes the ad business the growth story and the shop the inventory. The newest entrants are selling square footage and tee times rather than shelves, and calling it commerce.
Who’s moving. Walmart and Target, both posting double-digit ad growth. Simon Property Group, turning malls into a network. Topgolf, selling out-of-home as commerce media. TikTok Shop, seeding demand that Amazon then closes.
What the desk is watching. Whether frequency capping ever starts working, since it still fails with mature data tools, and whether mall and golf inventory is commerce media or out-of-home with a loyalty file attached.