Episode Details

Today I'm recapping a recent article I published on The Drum and digging into some of the ethical dilemmas emerging inside the retail media industry. The conversation was sparked by a very public campaign from my former boss, Jared Belsky, CEO of Acadia, challenging agencies to return media rebates to clients. If traditional media has ethical gray areas around incentives and transparency, what does the retail media version look like?

Retail media has built its reputation on transparency, performance measurement, and closed-loop attribution. But as the dollars grow and the ecosystem matures, new tensions are surfacing. I explore five ethical challenges: from brands funding their own competition to agency incentives, consulting projections, industry echo chambers, and the subtle influence of corporate hospitality. If retail media wants to maintain its reputation as the “cleaner” alternative to traditional advertising, these are the questions the industry needs to confront.

This episode is sponsored by Mirakl Ads

Timeline

[00:00] – What are the ethical dilemmas in retail media?

[01:33] – How private label products benefit from retail media systems funded by national brands.

[03:15] – How retail media deals and perks can quietly tilt the playing field toward larger agencies and brands.

[06:36] – Consultants selling the retail media dream: when hockey-stick projections collide with operational reality.

[08:30] – Industry events with retailers, consultants, and vendors, but too few brand voices.

[09:00] – Corporate hospitality and influence: from cabanas at Cannes, to the broader question of where investment should really go.

Links & Resources

• My full post on The Drum: Retail media’s dirty laundry: What skeletons are hiding in the closet?
• Jared Belsky in Adweek: Why I Returned Six-Figures in Media Rebates To Clients In 2025
• Follow Jared Belsky, CEO of Acadia, on LinkedIn
• Read my related articles:
  • Whoever Owns the Budget Determines What Retail Media Is Allowed to Be
  • Brands demand retail media standards. Retailers say it's too hard. Do they kind of have a point?
  • Why Brands Are Building Their Own Operating Systems On Top Of Retail Media
• Join me and Jordan Witmer from Salt XC at 11am ET Tuesday March 17, for our next LinkedIn Live on Sponsored Product Ads: shelf space or ad space?. We'll be answering questions LIVE -- join us!
• 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