Many retail media networks (RMNs) project unrealistic growth, mask trade promotion as media, and struggle to realize retail media’s potential. Still, brands hunger for RMNs’ troves of unique signals, sticky value exchanges with consumers, and highly efficient, measurable advertising. To unlock retail media’s upside, retailers must practice customer obsession and become more like publishers. This report explains retail media’s current dynamics, its potential, and how retailers can unlock growth in their media networks.