Retail media’s rapid ascent was on full display in Cannes, where industry leaders gathered to unpack its opportunities and growing pains. In Part Two of the discussion (read Part One here) the panel featured: Thibault Hennion, COO Unlimitail; Teresa Fusaro, Senior Director Gen AI Creativity Tech & Digital, Reckitt; Rosie Houston, MD for UK Retail Partnerships, SMG; Ana-Laura Zain, Co-founder, Women in Retail Media Collective, and CMO, Pentaleap; and Laura Belchier, Head of Consumer Experience Brands at Amazon Ads UK.
A fragmented world in need of scale
One recurring theme throughout the panel was the struggle with fragmentation across the retail media ecosystem.
Ana Laura Zain spoke to the heart of the issue: “If you’re a brand trying to scale, you’re faced with dozens of retail media networks, each with different platforms, measurement standards, and buying models. It’s not efficient, especially for smaller brands.”
Zain noted that retail media is beginning to mirror the early days of programmatic. “There’s a real opportunity to learn from what’s already been done in ad tech,” she said, citing efforts by players like Google and Microsoft to standardise programmatic access via RTB protocols. “Programmatic thinking is finally coming to retail media, and that’s what’s going to open things up.”
Thibault Hennion agreed that the challenge of fragmentation is real but pointed to AI as a potential solution. “We’re starting to see AI enable new forms of data collaboration,” he said.
“Retailers, brands, and ad tech can begin to share insights in ways that create a unified view. AI makes that possible now, when it wasn’t just a few years ago.”
The creative challenge: Putting ideas before impressions
While technology continues to mature, the panelists called for a return to the fundamentals of storytelling and creativity. Laura Belchier described how Amazon is working with brands to build shoppable, interactive ads that deliver direct consumer engagement. “Retail media is evolving from simple add-to-basket formats to something far more immersive,” she said.
Rosie Houston warned, however, that in the industry’s rush to embrace data, creativity must not become an afterthought. “If you’re not delivering great creative, even to the right audience, you’re missing the point. We need to rebalance the conversation.”
In-store’s digital rebirth
The digitisation of the in-store experience was another hot topic. While online channels dominate much of the retail media conversation, several panellists urged a greater focus on the physical store.
“Over 90% of sales for many UK retailers are still in-store,” said Houston. “Ignoring that part of the journey makes no sense. Digitisation brings with it a better shopper environment and more measurable touchpoints.”
Hennion agreed, but stressed that in-store activation should not be rushed into programmatic. “To make retail magical again, especially in-store, campaigns need to be bespoke,” he said. “It’s about dedicated creative developed in close partnership between brand and retailer. Only then can you think about scale.”
AI and the future of consumer discovery
Zain returned to the topic of AI’s potential to reshape retail advertising, especially through changes in how consumers search. “AI-powered search is on the rise,” she said, referencing recent eMarketer projections that place AI search ad spend at £25 billion by 2029. “That’s a game changer.”
She posed a provocative question to the panel: “What happens when customers start using AI platforms like ChatGPT to research their purchases? How do you show up as a brand in those conversations?” With AI influencing purchase decisions well before traditional ads are even seen, the need to rethink SEO and content strategies is clear.
Fusaro added that while brands are experimenting, the playbook is still being written. “Startups are beginning to offer solutions for advertising inside AI chat experiences,” she said. “We don’t have the answer yet, but it’s going to be critical to figure it out fast.”
Data sharing and a new kind of competition
Throughout the panel, there was an underlying current of increased collaboration—even among competitors. Belchier noted that Amazon is now more open to working with third-party measurement partners and even other retailers to provide end-to-end data visibility..
“We’ve become frenemies in a way,” she said. “When we share signals and insight with clients, it works. It leads to more investment and better outcomes.”
Fusaro observed that AI’s impact is just beginning. “Right now we’re seeing its benefits in areas like content adaptation,” she said. “But soon, it’ll help with data harmonisation across the entire ecosystem. That’s how we overcome the fragmentation issue.”
Budget battles: Who owns retail media spend?
One of the most contentious questions in the session centred on budgets. Where exactly should retail media investment come from? “It shouldn’t be siloed,” said Belchier. “Retail media should be integrated into every media plan, not treated as a separate entity.”
Fusaro was more pointed. “Right now, brands are not always managing their retail media budgets effectively,” she said. “Different departments spend from different pots—brand equity, trade marketing, ecommerce—and they don’t always coordinate. Sometimes they even compete against themselves.”
Both agreed that a more centralised, holistic media team is needed to make sense of the complexity and ensure optimal spend allocation. “Retail media should be treated like any other part of the funnel,” said Fusaro. “We’re seeing some markets move in this direction, but it’s still the exception rather than the rule.”
Still a media channel like no other
The panel ended on a reflective note with a question from the audience about whether retail media can ever truly be treated like “regular” media, given its entanglement with trading agreements.
Fusaro offered a pragmatic view: “We measure media against the same metrics—its effect on sales. If retail media isn’t driving results, we re-evaluate.”
As the conversation wrapped up, there was clear consensus that while retail media still presents many challenges—from measurement to fragmentation to creative quality—its potential is undeniable.
With collaboration, better tools, and a renewed focus on the consumer experience, it’s poised to become not just the next big thing in advertising, but a lasting and central part of the media landscape.
