Walmart and Target reported their Q3 earnings last week. Despite varying retail success, both reported strong growth in their retail media networks—Walmart Connect’s US business grew 26% while Roundel’s growth was in the mid-teens, per Target CEO Brian Cornell.

Here are three learnings from the retailers’ Q3 earnings calls and their implications for the retail media landscape.

1. Walmart is seeing growth across in-store shopping, curbside pickup, and delivery

“In the US, in-store volumes grew, curbside pickup grew faster, and delivery sales grew even faster than that,” said Walmart CEO Doug McMillon.

• Walmart’s US ecommerce sales were up 22% in the quarter, led by store-filled pickup and delivery, as well as Walmart Connect.
• We forecast Walmart Inc.’s US ecommerce sales (including sales from Sam’s Club) will reach $100.03 billion this year, up 20.4% YoY.

The retail media implication: It’s all about the omnichannel approach. Advertisers need to take advantage of messaging opportunities while consumers are shopping in the store, online, and even while they’re picking items up in the parking lot.

• Omnichannel retail media ad spend in the US will increase 20.2% in 2025, reaching $62.88 billion.
• Though in-store retail media will only make up 0.8% of that spend, it will grow much faster at 45.5%.

2. Consumers are waiting to shop until major sales events

“Consumers have become increasingly resourceful,” said Cornell. “They know there are deals to be found, and they’re willing to wait for sales and willing to search across multiple retailers to find them.”

• Target’s Circle Week sales event took place October 6 through October 12, the same week as both Amazon Prime Day and Walmart’s sales event.
• Target noticed a “pronounced” sales dip the week before and after the event, showing how consumers held back on shopping until they knew items would be on sale.

The retail media implication: Amazon Prime Day, and its competitor events, are creating a new pattern of consumer behavior where shoppers will hold out on their purchases—from everyday essentials to big ticket items—until they go on sale.

• Advertisers should treat sales events, like Amazon Prime Day, as they might do during the holiday season, launching cross-channel creative campaigns and strategically using retail media to promote special deals and discounts.
• These events could be major windfalls for retail media networks, as long as they’re able to meet advertisers’ needs.

3. Walmart marketplace drives retail media growth

Walmart’s marketplace sales grew 42% in the third quarter, according to executive vice president and chief financial officer John David Rainey.

• This increase was driven by sales of beauty, toys, hardlines, and home, all of which grew more than 20% in the latest quarter.
• As Walmart expands its marketplace, it’s focusing on categories like apparel, home decor, and automotive supplies—which are different from the categories driving growth for Walmart’s first-party sales (like food and health and wellness).

The retail media implication: As marketplace sellers seek to grow their business, they’re turning to retail media networks, like Walmart Connect, to promote their products.

• Walmart Connect’s US business grew 26% in the latest quarter, with marketplace sellers boosting the number of advertisers on the platform.
• Walmart’s US ad revenues will grow 31.6% this year, faster than any other retail media network we track, per our forecast.

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