"Facebook will also now know you visited a store based on a new feature that matches GPS, beacons, WiFi, radio signals, and cell towers with brick-and-mortar coordinates." [1] Basically harvesting data from your phone's sensors, where their app is installed.
And: "A new Facebook API, called the Offline Conversions API, works with a number of in-store sales systems from companies like Square and IBM to match their customer data with Facebook’s advertising data." [2]
(More science-fictiony: they could broadcast a local audio signal that fingerprints a particular location. Hmm, startup idea.)
That's terrible. I hope that removing all of Facebook's software from a phone and using cash prevents that. I hope you're joking about the audio signal.
Not quite used for in-store advertising, but Google's "Nearby Messages API" does use "near-ultrasound" audio signals to communicate with other devices: https://developers.google.com/nearby/messages/overview. I don't know if it would work at a larger scale, though (maybe you couldn't allow dogs in your store!).
And: "A new Facebook API, called the Offline Conversions API, works with a number of in-store sales systems from companies like Square and IBM to match their customer data with Facebook’s advertising data." [2]
(More science-fictiony: they could broadcast a local audio signal that fingerprints a particular location. Hmm, startup idea.)
[1] https://techcrunch.com/2016/06/14/facebook-knows/