After years of shifting to digital and downsizing stores, retailers are now doubling down on brick-and-mortar. But as they pour capital into physical stores, many are finding that their biggest problems aren’t external – they’re internal.

In this wide-ranging conversation, retail veteran Walter Holbrook doesn’t hold back. From operational missteps to misplaced faith in AI, Mr. Holbrook lays out why many big-name retailers are still getting the basics wrong – and what it will take to turn things around.