E-commerce marketing · Industry brief

The FTC and 22 states sued Amazon on September 1 over an alleged hidden ad-auction surcharge, affecting ad platforms and companies running auction-based pricing. On September 3, the FTC extended its comment period on personalized-pricing policy to September 25, targeting retail, e-commerce, and travel companies using data-driven pricing. Additionally, on September 16, the FTC published price-transparency FAQs for auto dealers. The FTC also obtained a court order on September 16 requiring Google to open its ad-tech products to rivals and accept a six-year monitor as part of an antitrust remedy affecting dominant platforms. On September 21, twelve state attorneys general settled with Paramount Skydance, clearing the path for its Warner Bros. Discovery merger deal, demonstrating state-level review of major acquisitions.

Retail media is projected to grow 14.3 percent to $202.1 billion in 2026, with social media, search, and retail media combined expected to account for 66.4 percent of global advertising spending this year, increasing to 70 percent by 2028, according to WARC Media's Global Ad Spending Forecast. The three largest digital advertising companies—Alphabet, Amazon, and Meta—are forecast to account for 59.7 percent of global advertising spending outside China this year, representing $659.6 billion, with their combined market share projected to increase to 61.5 percent by 2028 at $804.1 billion, demonstrating continued consolidation in the digital advertising market.

Retail M&A activity in 2026 is increasingly focused on strategic capabilities rather than scale alone, driven by value-conscious consumers and AI's impact on product discovery. Kroger's July 2026 definitive agreement to acquire Giant Eagle for $1.65 billion adds $9 billion in annual sales and regional pharmacy operations, with the deal expected to close in 2027 pending regulatory clearance. Bed Bath & Beyond (now Neighborhood Intelligence, Inc.) completed its acquisition of The Container Store in July 2026 to build a product-plus-service ecosystem combining home essentials with organization and installation services, though its proposed acquisition of F9 Brands was terminated in September 2026. Kontoor Brands acquired Helly Hansen in May 2025 for $934.7 million, with the brand generating $114 million in revenue in Q2 2026 and double-digit pro forma growth in the first half of 2026. Spencer Spirit Holdings acquired Hot Topic in September 2026 from Sycamore Partners, adding BoxLunch and Her Universe to create a combined company with over 3,000 North American locations while preserving brand autonomy. Shein acquired challenged retailer Everlane in May 2026 for $80 million to access premium segments and a more affluent customer base, though the acquisition faced backlash due to brand value misalignment. Looking ahead, retail media and loyalty assets, alongside customer data capabilities, are expected to drive acquisition value alongside differentiated brands and service networks.