Retail Media Trend Report: August 23
Welcome back to Chicory’s Retail Media Trend Report! The boom of retail media has made industry news, especially for grocers, hard to follow. Our bi-weekly recap aims to help you navigate this ever-growing world.
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Industry Happenings
ShopRite Expands In-Store Retail Media Network to Pharmacy
Last week, Grocery TV, a leading in-store retail media platform in U.S. grocery that powers nearly 5,000 stores, announced it’s expanding to ShopRite’s pharmacy stores. The partnership marks Grocery TV’s debut into the pharmacy space as a whole.
Don Oelke, COO and co-founder at Grocery TV, spoke on the opportunity pharmacies present for in-store advertising. "For both retailers and brand advertisers, pharmacy represents a valuable touchpoint with customers, especially for healthcare, pharma, and fitness-focused products or services,” he said in the Tuesday statement.
A key insight from the announcement was that pharmacies have higher dwell times than other store departments. This gives retailers and CPG brands more opportunity to launch campaigns and other messaging.
This news is one move in a growing trend of in-store retail media, which has advanced in the first half of 2024 with offerings like aisle screens, digital kiosks, and end-cap displays. It’s becoming increasingly apparent that grocers are interested in connecting digital retail media capabilities with the in-store experience.
With recent forecasts showing in-store retail media spend could surpass $1 billion in the next four years, expect that growth to only continue.