How Roundel is leading retail media 3.0 with data, scale and shopper trust

Subscribe to us on Apple Podcasts, check us out on Spotify and hear us on Amazon Music/Audible. Since its founding in 2007 with just five employees, Roundel has grown into a team of more than 800, generating nearly $2 billion in value annually for Target and its brand partners. According to Monique Perlmutter, senior director of the Partner Solutions Group at Roundel, that growth reflects not just the rise of retail media—but a broader transformation in how brands think about partnerships, omnichannel strategy and shopper engagement. Perlmutter joined Ad Age Studio 30 Editor John Dioso for a special edition of the Marketer’s Brief podcast to discuss how Target’s in-house media network is helping brands navigate the complexities of a new retail era. The evolution of retail media from 1.0 to 3.0 Retail media has matured significantly over the past decade, and Roundel has grown along with it. Perlmutter explained how the industry has moved through three phases: Retail media 1.0 was largely about siloed digital ads and on-site placements; 2.0 introduced full-funnel strategies and performance analytics across both on-site and off-site formats; and 3.0, where Roundel now plays a leading role, brings AI optimization, real-time signal sharing and an integrated digital-physical guest journey into the mix. “We’re no longer just placing ads,” Perlmutter said. “We’re creating data-driven, outcome-oriented solutions for brands that want to drive measurable growth across the entire purchase funnel.” Omnichannel reach with real results One key to Roundel’s success is its omnichannel execution—reaching consumers not only on Target’s owned platforms but also across social, display, search, streaming and more. Today, 30% of Roundel’s business comes from off-site media, including platforms like Pinterest and Google. When brands combine on-site and off-site advertising, the impact multiplies: Roundel reports a 1.4 times return on ad spend (ROAS) when on-site is paired with one off-site channel, and a 2.4 times ROAS when a third off-site touchpoint is added. That off-site momentum is powered by real-time signal sharing, a capability that allows Roundel and its partners to optimize media spend using live sales and behavioral data. It’s part of the network’s shift toward objective-based media buying, enabling smarter decisions about where, when and how to serve ads that convert. Meeting consumers in-store and on-screen Roundel’s advantage is rooted not just in data, but in Target’s unique physical footprint. Perlmutter emphasized that Roundel’s strategy is about connecting the digital and physical in ways that enhance both. That includes in-store activations like digital screens, product sampling and branded experiences, which are increasingly being tied back to media measurement and online engagement. Successful examples include General Mills’ back-to-school campaign and Nestlé’s holiday initiative, both of which used Roundel’s platform to span on-site media, off-site targeting and in-store storytelling. “This is where the magic happens—when you bring the retail floor and the media plan together,” said Perlmutter. Proving performance with better measurement In a marketplace crowded with more than 250 retail media networks, measurement remains a top concern. Roundel has invested heavily in closed-loop reporting, enabling brand partners to track media impact all the way to sale. Recent enhancements include measurement capabilities for digital out-of-home (DOOH) and social platforms, as well as a blend of campaign-level lift analysis and matched-market testing to isolate incremental value. These tools help advertisers validate performance while adapting in real time. Roundel also provides attribution insights across digital and in-store purchases, tying together disparate data sources into a more complete picture of campaign effectiveness. Trust and brand safety in a polarized environment With heightened scrutiny of retail brands and DEI initiatives in today’s sociopolitical climate, Roundel remains committed to brand-safe environments and value alignment. Perlmutter emphasized that Roundel only runs ads in publisher environments where Target itself is comfortable appearing. That alignment builds trust—both with guests and with advertisers. “We treat every dollar from our brand partners with the same care and rigor as we would Target’s own investment,” said Perlmutter. Beyond 3.0 Looking ahead, Perlmutter said Roundel will continue expanding its platform capabilities and tech partnerships to help brands move from single-format campaigns to comprehensive, outcome-based solutions. The focus will remain on leveraging Target’s scale and first-party data to deliver growth for advertisers and value for guests. “Retail media isn’t just a category anymore—it’s core to how brands build relationships,” Perlmutter said. “And we’re here to make those relationships stronger, smarter and more effective.” About Roundel Roundel™ creates media experiences and solutions that are designed to connect more than 165 million Target guests to the brands they love. Through tailored partnerships and data-driven strategies, we deliver impactful results that elevate your brand, maximize reach and drive growth. Together, we ensure your brand is not just present in the right moments, but central to helping Target guests discover the joy of everyday life.

How Roundel is leading retail media 3.0 with data, scale and shopper trust

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