How many pairs does it actually hold?

The maker rates it for up to 24 pairs across four cubby shelves and three open shelves. Real capacity depends on shoe size; bulky boots and high-tops take more room and reduce the count.

Will tall boots fit in the cubbies?

The listing does not give individual shelf heights, so tall boots may not stand upright in the cubbies. They are more likely to fit lying on the wider open shelves.

Does it need to be anchored to the wall?

No wall anchor is mentioned. It is freestanding with adjustable footpads for leveling, so loading heavy items on the upper shelves raises tipping risk, especially in homes with children.

It is 0.8-inch thick particle board with a backboard. That is lighter and less expensive than solid wood but more prone to damage if it gets wet or is dragged while loaded.

How long does assembly take?

The maker states about 30 minutes with the included manual. The simple panel-and-shelf structure keeps it straightforward, though two people help when standing the tall frame up.