August 2026 Retail Media Month in Review | Spend, CTV, and Network Growth
The last 30 days in retail media were defined by a scale milestone and a maturity warning. WARC now puts global retail media at $200.4 billion in 2026, while Walmart, Amazon, and Target all posted strong ad-revenue growth. At the same time, forecasts show growth cooling, Amazon still concentrating most US spend, and more budget moving into CTV and off-site - not only on-site sponsored products.
The Headline: $200B, With Slower Growth
WARC Media’s Future of Commerce Media 2026 report is the month’s main market marker. It forecasts worldwide retail media investment of $200.4 billion in 2026 and $223.4 billion in 2027, or about 15.2% of total global ad spend by next year.
The same report says the easy-growth phase is ending:
- Retail media is still growing, but the 2027 rate is forecast at 11.5%.
- Excluding Amazon, that falls to 9.8% - the lowest year-on-year rate since WARC began tracking the category.
- Europe is moving toward single-digit growth. The US remains more resilient.
- In the US in 2025, Amazon held about 78% of retail media spend, Walmart about 7.5%, and every other network combined about 14.5%.
WARC’s framing matters for this directory: retail media is no longer a side channel. It is large enough that clutter, incrementality, and shopper experience now sit next to revenue growth.
Read the coverage: The Desk on WARC’s $200B forecast and Campaign US.
Who Grew This Month
Q2 earnings and follow-on analysis showed advertising still outgrowing merchandise sales at the largest retailers.
| Network | What was reported | Why it matters |
|---|---|---|
| Walmart Connect | Global ads +38% YoY; Connect excluding Vizio +43% | Ads grew much faster than Walmart’s comparable sales |
| Amazon Ads | Advertising services about $19.8B in Q2 (+26%); ~$76B over the past 12 months | Still the scale leader, including early Sponsored AI Prompts results |
| Target Roundel | Advertising revenue $279M in Q2, +29% YoY | RMN growth held up even as other parts of Target’s business stayed uneven |
Sources: EMARKETER on Walmart’s ad growth, Adweek’s retail media roundup, and PYMNTS on retailer ad vs merchandise growth.
A separate marketer survey published this month still shows a concentrated buying list: 89% of respondents advertise on Amazon, 47% on Walmart Connect, and 32% on Target Roundel. Budget is also moving into Nordstrom Media Network and Kroger Precision Marketing. See Digiday’s 2026 retail media guide.
CTV and Off-Site Take More of the Budget
On-site sponsored products remain the core product. The last 30 days were more about what sits around that product.
- EMARKETER expects US retail media spend of about $73B in 2026, with off-site display ($16.1B) nearly double on-site display ($9.6B).
- US CTV spend inside retail media campaigns is forecast to grow 43.1% in 2026.
- Walmart is folding the Vibe.co CTV platform into Walmart Connect and using Vizio as inventory, which is pulling in more non-endemic advertisers.
- An Ipsos analysis cited this month found recall dropped 47% for ads tested in simulated retail environments versus standard off-site placements - one reason brands are asking for full-funnel creative, not only last-click ROAS.
Read: EMARKETER on creative, off-site, and CTV and Marketing Dive on Walmart Connect and CTV.
This is also why technology platforms in the directory keep splitting into ad serving, commerce-media operations, clean rooms, and in-store / DOOH. Networks are no longer only selling search ads on their own site.
New Networks and Adjacent Players
Not every headline this month came from Amazon, Walmart, or Target.
- Simon Media Network - Simon, the largest US mall operator, is launching an ad business and claims reach of 1.2 billion visitors. That sits closer to place-based / DOOH retail media than to a grocery RMN. Coverage via Adweek.
- Citi is expanding into commerce media, another sign that retail media language is spreading beyond retailers into banks and marketplaces. Same Adweek retail roundup.
- Walmart also extended first-party data insights to Sam’s Club sellers, tightening the link between marketplace tools and the media network. See EMARKETER’s retail media topic page.
These launches are why the directory lists both retailer networks and the technology underneath them. A mall media business, a grocery RMN, and a CTV acquisition can all be “retail media” without being the same product.
What This Means for Platforms and Networks
Three practical takeaways from the last 30 days:
- Scale is no longer the story by itself. $200B confirms the channel. The harder questions are incrementality, ad load, and whether on-site ads still get remembered.
- The stack is splitting. Retailers are pairing on-site platforms with CTV, off-site DSPs, clean rooms, and in-store screens. That is a platform problem as much as a network problem.
- Buying is still concentrated. Amazon remains the default. Walmart is the clear number two. Everyone else is competing for a smaller remaining pool - which is exactly why a neutral directory of networks and platforms is useful.
Browse the current list: Retail Media Platforms Directory. For source reports we keep on file, see News & Studies.
FAQ
How large is retail media in 2026?
WARC forecasts $200.4 billion in global retail media ad spend in 2026, rising to $223.4 billion in 2027.
Is retail media still growing quickly?
Yes, but more slowly. WARC expects 11.5% growth in 2027, or 9.8% if Amazon is excluded.
Which retail media networks grew in the last 30 days?
Walmart reported ads up 38%, Amazon advertising services grew 26% in Q2, and Target’s advertising line (primarily Roundel) rose 29%.
Where is new budget going besides on-site ads?
Off-site display and connected TV. EMARKETER expects US retail media CTV spend to grow more than 40% this year.
Where can I compare platforms and networks?
Use the organised directory: Retail Media Platforms.