316. Adam Smith, Head of Retail Media at Iceland and Kiri Masters: Quo Vadis, Retail Media?, UK vs US, In-Store Screens and Measurement, RM dEthics

Mar 28, 2026

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Quo Vadis, Retail Media? With this question in mind (Where are you going, Retail Media?), we invited two of the best respected voices of this industry: Kiri Masters, Retail Media Analyst, and Adam Smith, Head of Retail Media at British Supermarket Iceland. In this conversation, we explore the structural differences between the US and UK markets, why retail media has moved from hype to a lasting industry priority, and how new forces like agentic shopping and AI-powered discovery could reshape the entire model. We also comment Iceland's ambitious in-store retail media rollout, the importance of measurement and internal alignment, and the growing tension between performance, creativity, ethics, and retailer brand identity. Tune in to hear about:

Why retail media in the US and Europe has evolved differently, from market structure and GDPR to e-commerce penetration and offsite capabilities
Agentic shopping and how AI-driven discovery could disrupt onsite retail media and reduce valuable shopper signals
Why retail media must sit close to the trading function and how internal stakeholder management is often the hardest part
Iceland's retail media opportunity: a loyal customer base, 9 million weekly transactions, and a major in-store digital screen and analytics rollout
Measurement, creativity, private label vs branded investment, and the ethical questions retailers will increasingly face as retail media expands into new categories and formats

Kiri's Newsletter: www.retailmediabreakfastclub.com Kiri's piece on US vs UK https://www.retailmediabreakfastclub.com/p/why-us-retail-media-hits-different and ethical dilemmas in retail media https://www.retailmediabreakfastclub.com/p/5-ethical-dilemmas-in-retail-media

Audio Mixing by Modest Ferrer Voice Acting by Jason Martorell Parsekian

Disclaimer The views and opinions expressed in this podcast are those of the individual guests and do not necessarily reflect the views of The FMCG Guys (Dwyer Partners SL) or its partners. The FMCG Guys make no representations or warranties about the accuracy, completeness, or suitability of any information discussed, and accept no responsibility for any decisions or outcomes based on this content. Listeners are encouraged to seek their own professional advice before acting on any of the topics covered.