Tony D'Onofrio, president of Sensormatic Solutions, says U.S. holiday store traffic is expected to fall about 3.5% this year as physical and digital retail merge, with stores like Walmart (WMT) doubling as distribution centers. He notes AI agents will drive roughly 20% of holiday commerce while inflation remains a headwind, but says wealthier shoppers keep spending. D'Onofrio emphasizes that being in stock is the most critical factor for retailers, with inventory distortion a $1.7 trillion worldwide problem.