Last year, I found myself navigating chaotic scooter traffic in Thailand, only to realize how dramatically things can change with just a little extra weight. And honestly, that experience became the perfect metaphor for something I see all the time in retail media: people trying to compare markets like the US and Europe as if they’re built the same… when they’re absolutely not.

Today I'm unpacking a fascinating conversation I had with Adam Smith from Iceland and Daniel Torres Dwyer on the FMCG Guys podcast. We dig into the real reasons why retail media has evolved so differently across regions: from geography and regulation to e-commerce penetration and legacy trade structures. If you’ve ever wondered whether the US is “behind” in-store retail media (or if those comparisons even make sense), this one will challenge how you think about the entire landscape.

This episode is sponsored by Mirakl Ads

Timeline

[00:36] – Why retail media comparisons across markets can break down

[01:26] – Setting the stage: US vs UK retail media discussion with Adam Smith

[02:00] – Adam on scale differences and the challenge of in-store digital rollout

[03:07] – I break down the structural reasons the US market operates differently

[04:07] – GDPR and why offsite retail media is more developed in the US

[05:00] – The Robinson-Patman Act and its hidden impact on retail media budgets

[06:10] – Industry debate: are we measuring the wrong things across markets?

[09:30] – Why “US is behind in-store” is a misleading narrative

[11:25] – Final takeaway: different markets, different paths, and what we can learn

Links & Resources

• Listen to the full FMCG Guys ep: Adam Smith, Head of Retail Media at Iceland and Kiri Masters
• Subscribe to The FMCG Guys on YouTube and Apple Podcasts
• Follow Adam Smith, Head of Retail Media @ Iceland, on LinkedIn
• Follow Daniel Torres Dwyer, Founder @ Dwyer Partners, on LinkedIn
• Read my related articles:
  • Why US Retail Media Hits Different
  • Agentic Shopping Poses An Existential Threat To Retail Media (Part 2)
  • Why RMNs Keep Their Tech Stacks Secret
• 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