Retail media is splitting into two distinct camps: retailers that see media as an extension of their core business, and those that see themselves as media companies first. In this episode, I unpack that debate through the lens of my conversation with Frank Mulcahy, Head of Chewy Ads, whose perspective challenges some of the industry’s most entrenched assumptions.

Drawing on insights from my recent Drum column, we explore why transparency has become one of the most important battlegrounds in retail media. Frank argues that many retail media networks are holding onto first-party data too tightly, and that advertisers are increasingly demanding visibility into what they’re actually buying. We also dig into Chewy’s new advertising products, objective-based media buying, and why the company is betting that openness — not opacity — will win over brands in the long run.

This episode is sponsored by Mirakl Ads

Timeline

[01:29] Frank Mulcahy’s path from Yahoo, Microsoft, Apple, and Wayfair to leading Chewy Ads.

[02:17] The two competing philosophies shaping retail media today: retail-first versus media-first.

[03:45] Why Chewy wants to become the largest and most effective pet media company (not just a retailer with advertising revenue).

[05:00] The case against data hoarding and why transparency matters to advertisers.

[07:30] Chewy’s “barbell strategy” and the launch of Chewy Max, Marketing Cloud, and incrementality measurement tools.

[08:00] What media buyers really think about objective-based buying models and advertising automation.

[09:20] Why sharing performance data is ultimately a bet on the strength of your results—and why Chewy is willing to make that bet.

Links & Resources

• Read my original article for The Drum: Chewy’s ad boss thinks the data hoarders have it backwards
• Follow Frank Mulcahy, Head of Chewy Ads, on LinkedIn
• The Drum: Why retail media needs Costco more than Costco needs retail media
• Meet the Mirakl team at Cannes Lions, June 22–26, for curated conversations, exclusive events, and 1:1 strategy sessions built for where the industry is headed. Commerce-first media starts in Cannes. Register here!
• Read my related articles:
  • Costco: The Retail Media Network That Refuses to Promote Itself
  • Brian Monahan’s ‘Bloody Obvious’ Bets Are Shaking Up Albertsons Media Collective
  • Why retail media’s ‘mid’ moment may be its turning point (The Drum)
• Catch me at Cannes 2026, check out all my Events
• I am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub
• Subscribe to Retail Media Breakfast Club’s daily newsletter
• Follow Kiri Masters on LinkedIn