“Almost all of [our] networks are in-store or owned assets...

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This opportunity will allow us to offer a physical, offline network proposition,” he said.

Woolworths launched Cartology in 2019 as a retail media business which offers brands advertising opportunities across its stores as well as in its company-owned magazine.

Couche said that Woolworths’ access to consumer insights would also be of benefit to Shopper Media.

“The data stack that they have around [data science company] Quantium [in which Woolworths owns a majority stake], and around their purchase data is really compelling.”

Woolworths’ interest in out-of-home media comes as the industry starts to bounce back after COVID-19 related disruptions.

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Industry group, the Outdoor Media Association, outlined earlier this month that year-to-date media revenues are up 19.5 per cent to $478.6 million. This is 3.9 per cent behind the revenues seen pre-pandemic in 2019.

Shopper Media has around 50 team members and a presence in Brisbane, Sydney. Melbourne, Adelaide and Perth. In a statement Woolworths chief executive Brad Banducci said the company was excited to bring Shopper’s expertise in to complement the Cartology team.

However, the two teams will continue to work separately for the moment, given the deal requires approvals from the consumer watchdog and is not expected to close until the end of 2022.

“We have got to get through to completion yet —the businesses will operate on a BAU [business as usual] basis,” Tyquin said.

Woolworths shares dropped 1 per cent at the start of Monday’s session to sit at $37.12 at 2:45pm.

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