Why budgets are moving here, and what that pressure does
The pull is real: retail media puts advertising against first-party purchase data at the point of decision, something the open web never credibly offered. The push is just as real: retailers have discovered a high-margin revenue line and are motivated sellers, and brands feel pressure to spend for reasons that are not entirely about media performance, including the health of the wider trading relationship. When a budget decision carries that much non-media freight, the evaluation discipline has to be stronger than usual, not weaker.