STORY: The National Retail Federation expects roughly 85.6 million shoppers to visit stores this year, up from 76 million last year. Shoppers have only 26 days between Thanksgiving and Christmas, against a more leisurely 31 days last year.

"If you have a system in place, that dominant brand in place and you've got good financials, I think you'll do very well," said O'Hara, who cited Walmart as one retailer who will thrive this holiday season.

He also noted how consumers will "get a little bit of help on the interest rate side" when the Federal Reserve delivers its next expected rate cut later this month.

More anticipated rate cuts in 2025 should also encourage those looking to "buy now, pay later", O'Hara said.