Welcoming over 61,000sq ft of brands and over 8.9 million visitors throughout the year, The O2 has boasted a sales increase of 31 per cent compared to like-for-like trading days in 2022, with Outlet Shopping at The O2 sales up 25 per cent vs 2022 and the Entertainment District sales up 34 per cent vs 2022.
The Entertainment District and Outlet Shopping at The O2, which are owned and operated by Waterfront Limited Partnership, a joint venture between AEG and Crosstree Real Estate Partners, are celebrating a record-breaking year of trade in 2023, reaffirming The O2’s position as the world’s most popular live entertainment, leisure and retail destination.
Outlet Shopping at The O2 enjoyed consistently stellar trading results throughout 2023, with a 25 per cent rise in weekly average sales and an average spend increase per customer of six per cent. Calendar highlights included a 63 per cent increase on like-for-like outlet sales during the Easter half term v 2019, a 19 per cent increase during October half term and a 27 per cent increase during the Black Friday weekend vs 2022 respectively. The outlet shopping hotspot ended the year on a high with a record-breaking Christmas period, seeing a like-for-like sales uplift of 14 per cent compared to December 2022 and Boxing Day sales (up 33 per cent from 2022) resulting in a new record trading day. Mirroring the rise in sales, footfall across the whole destination throughout December was also up 19 per cent vs 2022, and up 14 per cent vs 2019.
These strong outlet results were bolstered by a wave of leading brands joining the scheme such as Under Armour for its London outlet debut, French Connection for its first outlet store opening in over six years, and Carvela, highlighting the destination’s recurrent appeal to leading, international brands. There were also several significant upsizes from long-standing tenants within the outlet, including premium lifestyle brands, Tommy Hilfiger and Calvin Klein, which upsized their stores by more than 110 per cent and 87 per cent respectively, as well as global retailers, Lids and Levi’s, reinforcing the destination’s collaborative tenant approach and supporting opportunity for growth. Continuing to go from strength to strength, and coinciding with 2023’s record-breaking results, Outlet Shopping at The O2 also marked two further milestones including its fifth anniversary and a successful brand refresh over the summer.
