WPP Media’s end of year forecast showing retail media in Australia is the fastest-growing channel will not be a surprise to retailers. Nor will the prediction that retail media spending will grow 24.4% in 2026, and this growth will see retail media surpass total TV ad revenue for the first time in 2027.

Retail media has become the goose that’s laying the golden eggs of modern retail. These headline numbers are, of course, seductive for retailers fighting increasing cost pressures and seeking new incremental revenue streams, but behind those numbers is an all-important metric that is so “internal” that it rarely gets discussed on any retail media network (RMN) panel or podcast: Retail media margin.

Retail media revenues look tantalising and have undoubtedly seen retailers rush to claim their share of the rivers of gold, but what is often overlooked is the retail media margin. It’s that........

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