According to IAB Europe data for 2025, the European retail media market reached €13.7 billion, growing 21.1% year over year. Forecasts put it at €20.8 billion in 2026 and €24.9 billion in 2027. Grand View Research estimates the CAGR of the European RMN market at 11.1% over 2026–2033. This growth is driven not only by ad budgets shifting from offline to digital, but above all by a genuine transformation — retail media is becoming a standalone business line within retailers' organizations. That naturally raises the question of the optimal operating model: broker or operator?
The broker model — straightforward operation, limited control
Under the broker model, the retail chain hires a specialized external firm that manages the sale of ad space, campaign delivery, and reporting. The advantage: a fast start without building in-house capabilities. The broker brings ready-made technology infrastructure, relationships with media agencies, and purchasing scale for inventory.
The drawbacks: the chain loses the direct relationship with the advertiser. The broker controls the price list, the data, and the measurement standards. The intermediary's margin erodes profitability, and decisions about inventory allocation can favor higher-volume campaigns that are not necessarily aligned with the retailer's strategy. In practice, the retailer receives cash but does not build an asset — knowledge of the market and of its own advertisers.
The operator model — higher margin, greater complexity
The operator model means running the Retail Media Network with an in-house team. The chain builds a dedicated ad-selling unit, hires media sales and campaign-management specialists, sets its own price list, KPI standards, and measurement methodology. It gains full control over pricing, data, and strategy — and keeps the entire margin.
The cost: higher fixed outlays in the first year — ad-server systems, a dedicated team, and organizational training. The retailer must learn the language of advertising and build capabilities in programmatic, attribution, and campaign optimization. This demands board-level patience and investment courage, especially during the ramp-up phase when costs outrun revenue.
Selection criteria — which model suits whom?
The broker model fits chains that want to test the retail media market without structural risk — for example, in a pilot limited to part of the store base or a selected channel. The operator model is the right choice when the scale of inventory and advertiser budgets justify building an in-house ad unit, and the chain is prepared to make a long-term investment in this line.
Artificial intelligence is also growing in importance — IAB Europe flags AI as a transformative force in retail media for 2026, capable of automating campaign optimization and targeting, which lowers the barrier to entry for the operator model. A chain that chooses a broker today may organically transition to its own operation in a year or two once it matures organizationally. The key point: the decision is not set in stone — it is a next step, not a full stop.