Holiday mall traffic appeared to still be down from 2019, but same-store sales were "flat to or above" 2019 levels given "strong" conversion rates, according to analyst Lorraine Hutchinson at BofA Securities. Strong conversion rates indicate that the ratio of buyers to browsers has increased. Hutchinson's outlook comes after she hosted the annual Holiday Mall tour at the Queens Center in New York, where she met with a number of store managers. He said that most retailers, which have eased store capacity constraints, experienced a healthy amount of volume during the Black Friday week. "Stores have either pulled back on depth of discounts or maintained prior years' promotional cadence," consistent with previous expectations, Hutchinson wrote in a note to clients on Wednesday. "Stores were well stocked and managers noted inventory levels are adequate ahead of the December holiday season." The SPDR S&P Retail ETF /zigman2/quotes/206947004/composite XRT -2.12% slumped 1.5% in afternoon trading toward a five-week low, and has now dropped 11.2% since the Nov. 16 record close of $104.16. The ETF has shed 4.3% over the past three months but has soared 43.8% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.84% has gained 1.3% the past three months and advanced 22.0% this year.