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How Walmart, Target and Dollar General Are Scaling Retail Media
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Key Takeaways
Walmart's global ad business rose 38% in fiscal Q2 2027, while Walmart Connect increased 43%.
Target's Roundel gross billings rose nearly 20% in Q2 2026, with ad revenues reaching $279 million.
Dollar General is expanding DG Media Network across on-site, off-site and in-store channels.
Walmart Inc. (WMT - Free Report) , Target Corporation (TGT - Free Report) and Dollar General Corporation (DG - Free Report) are expanding their retail media businesses by combining digital advertising, customer data, e-commerce and physical stores. Each company is taking a different route to scale these higher-margin advertising operations.
Walmart is scaling retail media as part of a global platform strategy. In the second quarter of fiscal 2027, Walmart’s global advertising business grew 38%, while Walmart U.S. advertising, including VIZIO, also rose 38%. Walmart Connect increased 43%. Management linked the momentum to sustained e-commerce growth, which expands opportunities across advertising, marketplace, data ventures and membership.
This Zacks Rank #3 (Hold) company is also widening its addressable market through the acquisition of Vibe, which provides self-service tools aimed at advertisers of different sizes and measures campaign results against actual shopping behavior. Combined with Walmart Connect and VIZIO, the company is building an advertising platform that can be improved centrally and scaled across markets.
Target is leaning on Roundel as part of its expanding non-merchandise business. Gross billings from Roundel increased nearly 20% in the second quarter of 2026. Target separately reported $279 million in quarterly advertising revenues, up from $217 million a year earlier, while first-half advertising revenues rose to $525 million from $379 million. Non-merchandise sales grew 20.1%, reflecting growth in Roundel, Target Circle 360 and Target+.
This Zacks Rank #2 (Buy) company is also investing in technology that can personalize experiences across stores and digital channels while strengthening what management describes as one of the nation’s premier retail media businesses. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Target Corporation Price, Consensus and EPS Surprise
Dollar General is broadening DG Media Network across on-site, off-site and in-store channels. The network had reached about $170 million in annual volume at the end of last year, and management expects it to grow meaningfully. Dollar General is also increasing advertising opportunities across its stores, app and website while seeking to deepen digital engagement to attract additional advertisers. Planned subscription and loyalty pilots could further support that engagement.
The retailer’s strategy extends beyond conventional digital placements. This Zacks Rank #2 company is working to improve on-site search, sponsored products and the e-commerce experience while pursuing off-site advertising spending across social media, connected TV and video. It is also opening more opportunities inside stores through its expanded in-store radio network, connecting its digital advertising capabilities with its physical footprint.
Dollar General Corporation Price, Consensus and EPS Surprise
Taken together, Walmart, Target and Dollar General are scaling retail media from different starting points. Walmart is emphasizing platform breadth and global scale, Target is integrating Roundel with its digital and non-merchandise ecosystem, and Dollar General is building links across digital channels and its physical store network. The common thread is deeper customer engagement, creating more touchpoints through which advertisers can reach shoppers.
View the Zacks #1 Rank List
Image: Bigstock
How Walmart, Target and Dollar General Are Scaling Retail Media
Key Takeaways
Walmart Inc. (WMT - Free Report) , Target Corporation (TGT - Free Report) and Dollar General Corporation (DG - Free Report) are expanding their retail media businesses by combining digital advertising, customer data, e-commerce and physical stores. Each company is taking a different route to scale these higher-margin advertising operations.
Walmart is scaling retail media as part of a global platform strategy. In the second quarter of fiscal 2027, Walmart’s global advertising business grew 38%, while Walmart U.S. advertising, including VIZIO, also rose 38%. Walmart Connect increased 43%. Management linked the momentum to sustained e-commerce growth, which expands opportunities across advertising, marketplace, data ventures and membership.
This Zacks Rank #3 (Hold) company is also widening its addressable market through the acquisition of Vibe, which provides self-service tools aimed at advertisers of different sizes and measures campaign results against actual shopping behavior. Combined with Walmart Connect and VIZIO, the company is building an advertising platform that can be improved centrally and scaled across markets.
Walmart Inc. Price, Consensus and EPS Surprise
Walmart Inc. price-consensus-eps-surprise-chart | Walmart Inc. Quote
Target is leaning on Roundel as part of its expanding non-merchandise business. Gross billings from Roundel increased nearly 20% in the second quarter of 2026. Target separately reported $279 million in quarterly advertising revenues, up from $217 million a year earlier, while first-half advertising revenues rose to $525 million from $379 million. Non-merchandise sales grew 20.1%, reflecting growth in Roundel, Target Circle 360 and Target+.
This Zacks Rank #2 (Buy) company is also investing in technology that can personalize experiences across stores and digital channels while strengthening what management describes as one of the nation’s premier retail media businesses. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Target Corporation Price, Consensus and EPS Surprise
Target Corporation price-consensus-eps-surprise-chart | Target Corporation Quote
Dollar General is broadening DG Media Network across on-site, off-site and in-store channels. The network had reached about $170 million in annual volume at the end of last year, and management expects it to grow meaningfully. Dollar General is also increasing advertising opportunities across its stores, app and website while seeking to deepen digital engagement to attract additional advertisers. Planned subscription and loyalty pilots could further support that engagement.
The retailer’s strategy extends beyond conventional digital placements. This Zacks Rank #2 company is working to improve on-site search, sponsored products and the e-commerce experience while pursuing off-site advertising spending across social media, connected TV and video. It is also opening more opportunities inside stores through its expanded in-store radio network, connecting its digital advertising capabilities with its physical footprint.
Dollar General Corporation Price, Consensus and EPS Surprise
Dollar General Corporation price-consensus-eps-surprise-chart | Dollar General Corporation Quote
Taken together, Walmart, Target and Dollar General are scaling retail media from different starting points. Walmart is emphasizing platform breadth and global scale, Target is integrating Roundel with its digital and non-merchandise ecosystem, and Dollar General is building links across digital channels and its physical store network. The common thread is deeper customer engagement, creating more touchpoints through which advertisers can reach shoppers.