Behind the Numbers: An EMARKETER Podcast

Episode: What Everyone Is Talking About at the NRF’s Big Show 2026 | Reimagining Retail

Host: Susie Deva Canyon
Guests: Blake Drosch (Senior Analyst), Sarah Marzano (Principal Analyst)
Date: January 14, 2026
Location: Live at the NRF’s Big Show, Javits Center

Episode Overview

In this episode, host Susie Deva Canyon sits down with EMARKETER analysts Blake Drosch and Sarah Marzano on-site at NRF’s Big Show 2026. The trio recaps the standout moments, side conversations, and surprises from the event’s main stage, panel discussions, and exhibition floor. They dive deep into where retail is heading—beyond core product and operations—highlighting the growing importance of alternative revenue streams, media networks, and integration across organizational silos. The discussion is rich with candid insights on AI, agentic commerce, and the underrepresentation of key trends like retail media and social commerce.

Key Topics and Insights

1. The Shift Beyond Traditional Retail (00:48–04:43)

• Blake’s Aha Moment:
  Blake noted that the main stage discussions centered not on core retail but on new revenue streams and brand-building beyond selling products.
  • “The future of retail has very little to do with actual retail itself...growing a business today relies a lot more on developing these alternative revenue streams.” (01:23–02:48)
• Retail now includes entertainment, media platforms, and service provision.
• Susie’s Reaction:
  She underscores the continued importance of product:
  • “If you don’t have a really good product, you might have amazing in-store experience, but it doesn’t matter.”
• Sarah’s Take:
  Sarah sees value in moving beyond foundations but agrees assortment and fundamentals still matter.
  • “Assortment and foundations of price, promotion and place still matter.” (03:47)

2. Retail Media’s Evolution and Partnerships (04:46–06:34)

• Sarah’s Aha Moment:
  The Amazon-Macy’s partnership on retail media has brought 175 net new advertisers to Macy’s, showing how enterprise partnerships can ease buying friction and build credibility.
  • “What the partnership with Amazon is doing for them is helping them build credibility with enterprise level advertisers, while easing friction for the torso and long tail of advertisers.” (05:27)
• Even seasoned media networks like Macy’s require strategic alliances to unlock access to a wider pool of advertisers and revenue.

3. Breaking Down Silos for Innovation (07:01–10:29)

• Susie’s Observation:
  Organizational silos (not just between expected departments) still impede operational efficiency and innovation, from delivery logistics to broader strategic decisions.
• Sarah’s Side Conversation:
  The recognition that “retail media exists because of retail” is gaining traction. Breaking down organizational silos is vital for scaling in-store retail media, especially as digital screens become integral to physical locations.
  • Sarah recounts Mark Williamson (Costco Retail Media) prioritizing member-first values over easy monetization:
    • “He steered clear of monetizing Costco’s data at scale...because it wasn’t something that was going to bring value to Costco customers.” (09:31)
  • Value-led approaches may be slower but build stronger, long-term stakeholder buy-in.

4. AI, Agentic Commerce, and Hype Cycles (10:40–14:43)

• Blake’s Critique:
  Overuse and inconsistency in the term “agentic commerce”—numerous panels using the buzzword without clear definition or real-world application.
  • “There were a lot of panels with the same headline...but they were all talking about agentic commerce differently. There was no standardized definition.” (10:40)
  • The industry is “exhausting a conversation around what is primarily a theoretical topic at this point.”
• Susie’s Side Conversations:
  Many vendors view AI as “hype” at the tail end of its buzz cycle, reminiscent of past tech fads like RFID and IoT.
  • “AI is not new...there are new parts, and that’s the part to your point that we need to figure out.” (13:23)
• Consensus among speakers: as the dust settles, more meaningful, actionable uses of AI and agentic commerce will emerge.

5. Trends Missing in Action (15:00–17:37)

• Retail Media:
  Despite driving meaningful revenue, retail media remains underrepresented at NRF—apart from niche events like Strata Cash’s in-store session.
  • “I was sort of shocked...when I looked at the agenda...retail media largely felt like an afterthought.” (15:00)
• Blake’s Perspective:
  Broader trends are overshadowed by AI discussions. For example, social commerce is now a proven, growing revenue channel but receives surprisingly little attention.
  • “As soon as [a trend] becomes legitimate, we sort of abandon it to go on to the next thing...without investing in it and giving it the time of day.” (16:50)

6. Surprises from the Expo Floor (17:59–23:29)

• Amazon’s Booth:
  Showcases a prototype using AWS AI for product development and margin analysis—but it’s not yet available to third-party sellers.
  • “It’s this concept around a DTC brand needing to design a new piece of luggage...showcasing how AWS AI can perform market research, product design, and product build.” (17:59)
• Google’s Booth:
  Praised for clear messaging and demonstrating practical, integrated AI uses on both the front and back ends of retail.
  • “Google...had really good messaging. If you go into their booth, they have all the different services, all the different ways that AI is enabling retailers...” (19:59)
  • Noted Google’s aggressive retail partnership strategy, contrasting with OpenAI’s minimal presence. (20:53–21:33)
• Innovative In-Store Tech:
  Sarah highlights ClearLED, an LED display solution that transforms retail windows and other surfaces into digital screens for dynamic storytelling and media. This lower-infrastructure approach addresses key hurdles for in-store retail media.
  • “They can leverage existing physical retail surfaces...turn them into what seems like a digital screen and use that for dynamic storytelling.” (21:37)
• New Partnership Models:
  Vendors are teaming up, with big players bringing smaller partners (e.g., Dover Fueling Solutions demonstrating click-and-collect at fuel pumps), reflecting the ecosystem’s collaborative future. (22:57)

Notable Quotes & Moments

• “The future of retail has very little to do with actual retail itself.” — Blake (01:23)
• “Assortment and foundations of price, promotion and place still matter.” — Sarah (03:47)
• “We’re here to enable the success of the retailers that we operate within.” — Sarah, on retail media values (09:31)
• “There was no standardized definition of agentic commerce.” — Blake (10:40)
• “As soon as [a trend] becomes legitimate, we abandon it to go on to the next thing.” — Blake (16:50)
• “They can leverage those [retail surfaces] to basically turn them into what seems like a digital screen and use that for dynamic storytelling.” — Sarah on ClearLED (21:37)

Key Timestamps for Reference

• 00:48–02:48: Blake on the new future of retail and shifting priorities
• 03:47–04:09: Sarah and Susie on core retail values vs. innovation
• 04:46–06:34: Sarah on Amazon-Macy’s retail media partnership outcomes
• 07:01–10:29: Organizational silos, Mark Williamson/Costco value-driven media
• 10:40–14:43: Industry confusion and hype around AI and agentic commerce
• 15:00–17:37: Trends under-discussed at NRF—retail media, social commerce
• 17:59–23:29: Expo floor surprises: Amazon’s prototype, Google’s booth, in-store innovation

Takeaways

• Retail’s Future: Success now requires expanding beyond the basics—embracing experiences, media, and alternative revenue, while not forgetting product fundamentals.
• Retail Media: Is entering a new phase, yet still battles organizational and technological obstacles, with value-led approaches distinguishing leading players.
• AI and Agentic Commerce: The industry is reaching a critical point—recognizing the need for clarity, meaningful definitions, and real use cases.
• Underrepresented but Crucial: Topics like retail media and social commerce may play outsized roles going forward, even if they’re not currently front and center.
• Collaborative Innovation: Technology partnerships and new approaches to integrating digital within physical retail spaces are beginning to redefine the landscape.

For listeners who missed NRF 2026, this episode offers a candid, insightful tour of what mattered—beyond the glitz and buzzwords—to shape retail’s next act.