The CPG Guys: Commerce Riff — February 24, 2026

Hosts: Peter V.S. Bond (“PVSB”) & Sri Rajagopalan
Episode Theme: Recapping CAGNY 2026 & Top Commerce Headlines
Airdate: February 24, 2026

Episode Overview

In this brisk, insight-packed “Commerce Riff” episode, Peter and Sri return from the 2026 Consumer Analyst Group of New York (CAGNY) conference to share key takeaways and highlight major recent movements in the commerce and retail media space. The hosts discuss their unique tiering of CAGNY presentations, landmark partnerships in beauty retail, Walmart Connect’s surging ad business, and a significant wave of layoffs at Walgreens.

Key Discussion Points & Insights

1. CAGNY 2026 Recap — A Marathon of Insights

[01:02 – 04:07]

• Collaboration with Mass Market Retailer:
  For CAGNY 2026, Peter and Sri partnered with Mass Market Retailer to deliver exclusive daily recaps, focusing on fundamentals and long-term business value, not short-term Wall Street perspectives.

• Composite Scoring & Tiering:
  Presentations were evaluated on a composite score encompassing seven critical criteria:

  • Portfolio stability & innovation
  • AI acknowledgement
  • Omnichannel understanding
  • Price pack architecture & revenue growth management
  • Consumer insights depth
  • Organic volume growth
  • M&A strategy

  Companies were then bracketed into top, middle, or bottom tiers based on these scores.

• Notable Presenting Companies:
  The lineup featured a “mouthful” of industry titans, including Coca-Cola, Unilever, Kraft Heinz, L’Oreal, P&G, and more.

• Special Announcement:
  Sri conducted a live episode with Kimberly Clark’s Patricia Corsi (Chief Growth Officer) and Craig Slavcheff (Chief R&D Officer), focusing on AI in innovation, and cross-function collaboration between marketing and engineering.

“We’re not Wall Street analysts. We don’t even play them on TV. We’re going way deeper than that.”
— Peter V.S. Bond [02:26]

“We allocated a composite score to every presentation based on seven attributes we believe truly matter for the long game.”
— Peter V.S. Bond [02:52]

2. Bath & Body Works Launches on Amazon

[04:07 – 06:28]

• Strategic Move to Amazon:
  Bath & Body Works launches an official Amazon storefront, marking a shift for vertically integrated brands embracing Amazon as a logistics partner rather than as a pure retailer.

• Market Stats:

  • Amazon leads US online beauty and personal care market with 47% share (Euromonitor, 2024)
  • 39% of all category sales are now online

• CEO’s Strategy:
  Daniel Heath’s "consumer-first formula" focuses on:

  • Disruptive product innovation
  • Brand reignition
  • Winning marketplace positioning
  • Speed and efficiency

“Bath & Body Works CEO Daniel Heath told CNBC: ‘It’s about meeting them where they already shop.’”
— Sri Rajagopalan [05:09]

3. Walmart Connect’s Explosive Growth

[06:28 – 09:15]

• Ad Revenue Surge:
  Walmart Connect reports 41% YoY Q4 revenue growth; global ad revenues rise 46%. Advertising and memberships now generate a third of Walmart’s US operating income.

• Growth Drivers:

  • Increasing 3P (third-party) seller demand
  • Acquisition of Vizio: Triple-digit ad growth, expanding retail media to Connected TV/Video

• Leadership Moves:
  Seth Dallaire promoted to oversee combined ad, data, and marketplace platforms, signaling exportable success for Walmart Connect’s model globally.

“Advertising and membership fees… accounted for a third of Walmart’s operating income in Q4.”
— Peter V.S. Bond [07:31]

“We still have a long ways to go… we can improve our own advertising capabilities while doing it on a growing base, which gives us a lot of runway into the future.”
— John Rainey, Walmart CFO, as quoted by Peter V.S. Bond [07:51]

4. Walgreens Layoffs & Restructuring

[09:15 – 10:56]

• Layoff Rundown:
  Following its acquisition by Sycamore Partners, Walgreens is laying off 600+ employees, closing a Houston distribution center, and streamlining HQ.

• Corporate Strategy:
  Restructuring aims to simplify the organization, speed decision-making, and enhance the in-store experience. The company, now private, has been spun into five entities, including the separation of Boots.

“We made the difficult decision to simplify our organization… to speed decision making and improve the service that millions of customers rely on every single day.”
— Walgreens spokesperson, as summarized by Sri Rajagopalan [10:12]

• Context:
  Walgreens has struggled with declining retail sales (-5.3% YoY in Q3 2025) and announced plans to shut 1,200 stores over three years.

5. Wrap-up and Listener Calls to Action

[10:56 – 11:38]

• Plug for recent episodes (Amped founders, CAGNY recaps)
• Encouragement to follow CPG Guys on all major social channels and visit Mass Market Retailer for daily CAGNY recaps.

Notable Quotes & Moments

• “We’re not Wall Street analysts. We’re going way deeper than that.”
  — Peter V.S. Bond [02:26]

• “Bath & Body Works CEO Daniel Heath told CNBC: ‘It’s about meeting them where they already shop.’”
  — Sri Rajagopalan [05:09]

• “Advertising and membership fees… accounted for a third of Walmart’s operating income in Q4.”
  — Peter V.S. Bond [07:31]

• “We made the difficult decision to simplify our organization… to speed decision making and improve the service that millions of customers rely on every single day.”
  — Walgreens spokesperson, relayed by Sri [10:12]

Important Timestamps & Segments

• 00:02: Episode kickoff, hosts' catch up, CAGNY lead-in
• 01:02: CAGNY 2026 Recap—Scoring and key takeaways
• 04:07: Bath & Body Works’ Amazon launch: strategy and sector impact
• 06:28: Walmart Connect growth and future outlook
• 09:15: Walgreens layoffs post-private equity acquisition
• 10:56: Wrap-up and next episode teasers

Episode Tone and Style

Conversational yet sharply focused, Peter and Sri trade banter and dig deep into analytics, always aiming to provide practical insights for CPG and retail practitioners, not just headlines or investor soundbites.

For Further Details

• Mass Market Retailer for exclusive CAGNY recaps: [link in show notes]
• Contact hosts via their show or LinkedIn for partnership, event, or guest inquiries.
• Stay tuned for the upcoming Kimberly Clark interview on AI & innovation.

Summary prepared for The CPG Guys “Commerce Riff” listeners and those wanting a succinct, expert distillation of fast-moving commerce industry dynamics.