Retail and commerce media were huge topics at last year’s Cannes Lions festival, and this year, the festival is doubling down on the channel by introducing a new retail media sub-category in the Media Lions and Creative Commerce Lions awards. However, “the tone is definitely shifting” as the industry matures—and faces the threat of tariff-related impacts, according to our analyst, Sarah Marzano.

“I’m actually glad to see the conversation moving from breathless growth to a more thoughtful, critical discussion about what needs to evolve to sustain momentum,” Marzano said. “We’re going to see more energy going into off-site activations and into the physical store. Both bring a different set of math and complexity, and that’s going to surface plenty of challenges, and hopefully, some exciting innovation too.”

Here are four major themes our analysts will be looking for at Cannes Lions this year.

1. Non-retail networks grow up

While the category is still growing, this year will likely see more maturation of existing networks than launches of new ones, particularly from non-retail players.

“Last year at Cannes, we saw a wave of newer non-retail commerce networks arrive in full force — from United’s Kinective Media to JP Morgan Chase’s Chase Media Solutions,” Marzano said. “Now that ‘non-retail’ commerce media is lapping its entry into the space, I’m really curious to see how these players are iterating.”

2. Partnerships and creative activations

“I’m also hoping to see some creative partnership announcements,” Marzano said. “I think partnerships with complementary players remain one of the biggest untapped opportunities in retail and commerce media right now.”

Beyond partnerships, there may be an emphasis on retail media’s more creative ad iterations.

“With CTV, social content, creators entering the conversation, the need for engaging differentiated content is rising fast,” Marzano said.

3. Emphasis on in-store.

So far, the retail media space has been slower to materialize in physical stores than on digital marketplaces. Cannes could reveal a move offline for networks.

“I’m ready for the conversation around in-store retail media to move beyond potential and into execution,” said Marzano. “I’ll be keeping an eye out for compelling on-premise initiatives and activations.”

4. Talk of tariffs

This year’s Cannes Lions comes as US tariff policy oscillates, leaving retailers uncertain on long- and short-term impacts. “We’re seeing tariffs and uncertainty hit just as retail media momentum is naturally cooling a bit with the industry entering its next phase of maturity,” Marzano said.

Retail media is insulated from some of these impacts because it’s a performance-driven channel, but it’s far from immune. “If there’s a sustained downturn, it will deepen the moat around the largest players. The pressure cooker for long-tail networks will only intensify, and the need to differentiate and defend budgets is going to get even more urgent,” she said.

Cannes Lions will be an opportunity for those networks that aren’t Amazon, Walmart, and Target to proactively reinforce their unique value proposition in the event of such a downturn.

Find us at Cannes: Marzano will be participating in two in-store retail media events hosted by Stratecache, sitting down with CVS, Albertsons, and the Interactive Advertising Bureau (IAB) to explore in-store retail media’s evolution, measurement, and influence on customer experience.

• She will also be chatting with Ascendent and Chase Media Solutions about how financial players are shaping the broader commerce media landscape, especially in terms of enriching first-party data for advertisers

This was originally featured in the Retail Media Weekly newsletter. For more marketing insights, statistics, and trends, subscribe here.