Lowe’s in-houses retail media operations in efficiency play

The move serves as a potentially worrying sign to agencies that have invested heavily in marketing services related to the red-hot category.

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Lowe's One Roof Media Network is living up to its name with the in-housing push timed for the new year. The move comes as ad spending on retail media is forecast to climb 10.1% in 2023 to hit $122 billion at the global level, making it the fastest-growing marketing channel, per WARC predictions.

The home improvement retailer said its network offering has “grown rapidly” since its 2021 debut — though it didn’t break out specific revenue figures — and today works with more than 200 brands, including Moen, Stanley Black & Decker and Whirlpool Corporation. Some partners have achieved more than double their return on ad spend, a closely watched campaign metric, compared to industry peers, according to the release. Lowe's One Roof Media Network draws on data from a customer base of over 100 million, the company said.

"Retail media is among the fastest-growing segments of digital advertising globally," said Abi Subramanian, vice president and general manager of Lowe's One Roof Media Network, in a statement. "As we continue to grow this business, we'll remain laser-focused on evolving our advertising capabilities and technology to deliver the best marketing solutions for our brands in 2023 and beyond."

This news brief is based on reporting published by Marketing Dive on 2023-01-12. The original report is linked below.