Target's appointment of internal veteran Michael Fiddelke as its next CEO has sparked debate among investors and analysts about whether an insider can turn around the struggling retailer after nearly three years of disappointing performance.

Retail media networks rely on driving conversions—and Walmart is no exception. Its search results are saturated with ads, with 97% of queries serving at least one sponsored product, per Pentaleap data. But Walmart is also growing its upper-funnel capabilities, using its stores to do it despite physical retail’s traditional role as a bottom-of-the-funnel channel.

The news: CVS is expanding primary care services at its MinuteClinics via partnerships with health systems, per Modern Healthcare. The final word: We don’t see CVS’ MinuteClinic affiliations with healthcare providers as a signal that retail healthcare is making a comeback. CVS is in a different position from other retail clinic operators since it can steer Aetna members to its medical services. But consumers have made it clear that they’re not too interested in getting healthcare at drugstores where unhealthy items like junk food are sold—especially when there are a plethora of other options. Companies that want to stay in the retail clinic space would be wise to position their services around nutritious food items, OTC health supplements, and pharmacist support to show folks they’re serious about being a patient care destination.

Our inaugural Pulse of the Consumer: Personal Care and Beauty Survey explores how US shoppers discover, research, and purchase products across channels.

Trading card mania is proving to be a profitable tailwind for Target, eBay, and Walmart, as high-profile releases and collector enthusiasm drive spending. The market for toys is increasingly being driven by demand for collectibles like Labubus and trading cards. That demand is strongest among adults, who see these items both as fun indulgences and investment opportunities.

From Rare Beauty’s scented billboards and Walmart’s truck tours to Dick’s Sporting Goods’ in-house production studios, here’s what the eight most interesting retailers from August have been up to, as ranked on our “Behind the Numbers” podcast.

The Q2 performances of Amazon, Walmart, and Target illustrate the retailers’ diverging fortunes as shoppers reassess their spending priorities. While uncertainty is funneling more dollars toward Amazon and Walmart, customers are steering clear of Target—due both to a lackluster assortment and frustration over its diversity, equity, and inclusion (DEI) flip-flopping. Walmart and Amazon are pulling ahead as their relentless focus on value—in the form of speed, selection, and convenience—make them the first stop for shoppers buying everything from essentials like groceries to discretionary items like beauty and apparel. That leaves Target’s new CEO, Michael Fiddelke, with the unenviable task of having to turn the retailer around just as tariffs threaten its bottom line and undermine its core discretionary business.

The news: Klarna is now available in-store at over 400 Walmart Canada locations. Canadian Walmart shoppers can scan a QR code at assisted lane checkouts to choose between Pay in Full or Pay in 4. Only purchases over CAD 50 will be eligible for Klarna’s financing. Our take: Klarna’s partnerships with Walmart in the US and Canada are major coups for the BNPL player. Affirm’s dominance stateside is driven by its strategic partnerships and strong Affirm card adoption. Klarna should continue staking out new tie-ups with major retailers and boost Klarna card use to secure a stronger presence in Canada.

Retail media ad spending is booming in Latin America. Brazil and Mexico are leading the charge, with Mercado Libre outpacing in-market rivals. Here are the latest trends you need to know.

Walmart will offer next-day delivery in select cities for some marketplace orders, the company said. The service will be available to customers in New York City, Los Angeles, Chicago, Atlanta, and Houston, with plans to eventually expand to more areas. t’s no accident that Walmart is making a play for urban customers at the same time that Amazon is going after rural households. Both retailers see opportunities to win over the other’s core customer base by offering a compelling combination of convenience and low prices.

A leaked Adweek-reviewed file details how The Trade Desk partners with 49 retailers worldwide to sell ad placements built on shopper data. The document reveals steep markups and inconsistent rules: Albertsons charges up to 45% of media costs, Best Buy limits custom audiences, Costco sets $100K minimums, and Walmart imposes fees capped at $3.50 CPMs plus measurement charges. Other retailers add restrictions around ad categories or approvals. The leak highlights both the value and complexity of retail media as brands chase audience targeting tied directly to transactions. Transparency remains a challenge, with costs and conditions varying widely by partner.

US retail sales advanced in July as consumers took advantage of major sales events. However, signs are emerging that consumers are becoming more pessimistic as inflation expectations rise. With pressure from rising food prices, higher housing costs, and uncertainty about higher tariffs, consumers remain cost-conscious—and are wary about what’s ahead. Still, it’s clear that they’re willing to spend when they see clear value, providing a roadmap for retailers to capture sales.

AI shopping assistants are reshaping product discovery and threatening retail media’s search-driven model. RMNs and advertisers need to adjust strategies to protect their market position and seize the opportunity to turn disruption into growth.

The news: Affirm will be available as a payment option for in-store shoppers on Stripe Terminal for US and Canadian merchants, per a press release. Our take: Snagging a Stripe Terminal integration is a big win for Affirm. This can help expand its lead in the US, where it holds $35.69 billion in payment value—a $4 billion dollar lead over Klarna.

The news: Klarna’s revenues jumped 20% YoY to $823 million in the latest earnings released ahead of its IPO this fall. Gross merchandise volume (GMV) spiked 19% to $31.2 billion—nearly four times the size of competitor Affirm’s $8.6 billion. Klarna’s US GMV growth is even more impressive, at 37% YoY. Our take: Klarna will have an uphill battle if it wants to dethrone Affirm as the dominant BNPL provider in the US. Given Affirm’s recent partnership with Stripe, Klarna may not be able to rely on the fintech for such rapid growth anymore—especially considering Affirm’s more direct integrations with Stripe in-store.

Real-time payments adoption is still in its infancy in the US. But business and consumer demand are increasing, providing a growth opportunity for banks and customer-facing payment providers.

Amazon is expanding same-day delivery for fresh groceries to over 1,000 US cities, with plans to reach 2,300 by late 2025. The rollout integrates perishables into its core app for single-cart checkout alongside other goods, offering Prime members free delivery on orders over $25. Early pilots saw strong adoption, especially from first-time grocery buyers who shopped more frequently after trying fresh food. The move pressures rivals like Walmart, Instacart, and Kroger in a slowing but sizable $271 billion online grocery market. If Amazon can convert trial users into loyal customers, it could reshape expectations for grocery delivery speed and convenience.

More Amazon Prime shoppers purchase groceries from Walmart than from the ecommerce retailer, according to Coresight Research data reported by Grocery Dive. While grocery is a hugely important category for Amazon to conquer, its efforts so far have been hampered by a complex ecosystem. The retailer’s attempts to unify that system could result in a more seamless experience for shoppers, while its fast delivery capabilities could make it a more appealing place to shop for perishables.

For advertisers, the increasing fragmentation within the search landscape can be quite frustrating and challenging. “But for consumers it feels like ease and convenience," said our analyst Sarah Marzano on a recent episode of "Behind the Numbers." "We're able to conduct product searches wherever we're spending time and go on a journey that's tailored to the mindset we're in."

Ad spending on US commerce intermediaries is set to approach $4 billion by 2027, outpacing other nonretail media cohorts. Key players like DoorDash and Instacart are evolving from delivery apps into full-scale media networks, driving performance and reshaping the commerce media landscape.