“As one savvy newspaper strategist puts it, ‘The change in the large retail brands like Macy's, Kohls, Walmart, and JCPenney is to hold onto TV while investing into digital video and to spend more on digital, especially heavy programmatic advertising.

‘They tell us,’ he continues, ‘that print spending is the most expensive medium, and delivers the lowest ROI versus almost all other media. They study media mix modeling and attribution.’”