Under-pressure media companies are approaching major retailers to try and sell in-store and online advertising on their behalf, in a bid to tap the rapidly growing $1.6 billion retail media sector for a potential new revenue stream.

Two of Australia’s largest listed media companies, Nine Entertainment and oOh!media, have pitched to work with retailer Metcash, which owns the IGA and Mitre 10 brands, to monetise advertising in and around its stores.