Abstract: A packaged product merchandiser (such as an ice merchandiser) for merchandising frozen or refrigerated packaged products includes: (a) a housing in which a multitude of packaged products (such as bags of ice) are to be stored, having at least one door on the front wall thereof; (b) a cooling unit including a compressor assembly; (c) an elevated shelf mounted within the housing perimeter formed by the front, rear, top and side walls, approximate the top wall of the housing, where the elevated shelf seats the compressor assembly, and where the elevated shelf and compressor assembly are substantially closed-off with respect to the interior of the housing; and (d) at least two ventilation panels, where each ventilation panel is installed on a respective one of the front, rear, top and side walls over a corresponding opening to the closed-off compressor assembly.