Member Article

The O2 celebrates a successful year of trade across the destination

The O2’s Entertainment District and shopping destination, Icon Outlet, which are owned and operated by Waterfront Limited Partnership, a joint venture between AEG and Crosstree Real Estate Partners, are looking ahead to a successful 2023, following a year of strong performance results and several, notable new brand signings and openings in 2022.

2022 performance highlights include a stand-out summer across the destination, with outlet shopping sales up 28% and Entertainment District trading up 56% from June to August compared to 2019, in addition to a record-breaking December for outlet shopping, with like-for-like sales up 17% compared to 2019. 

Icon Outlet, London’s leading outlet shopping destination located at The O2, reported a 16% increase in like-for-like sales in 2022 compared to 2019, a 12% rise on weekly average sales and an average spend increase per customer of 16%. In December alone, the outlet achieved sales growth of 13% compared to 2019 during the ‘Super Saturday’ weekend (17/18 December), and on Boxing Day (26 December) recorded its biggest day for sales since opening, with a like-for-like uplift of 11% versus 2019. A series of impressive results across 2022, notwithstanding multiple challenges faced last year; most notably the extensive damage to The O2’s roof caused by Storm Eunice in February 2022 which resulted in the destination’s temporary closure.

The O2’s Entertainment District also reported an impressive year, with footfall and sales continuing to deliver month-on-month growth. Solidifying the venue’s reputation as a year-round dining and leisure destination, sales increased by 33% compared to 2019. Like-for-like footfall also grew by 7% versus 2019, which was bolstered by over 200 events taking place in the arena, including internationally-acclaimed acts Billie Eilish, Queen + Adam Lambert and Blackpink. The O2 was also proud to host the 2022 Laver Cup and Roger Federer’s last ever professional match, which saw a significant surge in both footfall and ATV across the destination, resulting in the highest ever combined sales results across outlet shopping, leisure and F&B at The O2.

Janine Constantin-Russell, Managing Director of Icon Outlet and the Entertainment District at The O2, commented: “We are extremely proud of the success enjoyed across The O2 in 2022. Together, as a formidable team, with colossal coordination, collaboration and a can-do attitude, we not only overcame the obstacles thrown at us last year, but we emerged stronger and more agile, and this is reflected in our impressive 2022 results. From a record-breaking summer and some of our best ever trading moments across the destination, to welcoming a host of new brands that are household names, we have celebrated solid growth across outlet shopping, leisure and F&B at The O2 and look forward to the year ahead to continue building on this success.”

2022’s strong performance was strengthened by impressive leasing activity across the destination. Delivering its strongest line-up of restaurants and leisure operators to date, the Entertainment District announced F&B debuts from Soukra and Trapdoor, and signed a London first with iFLY Indoor Skydiving, as well as an 8,000 sq ft space for JD Wetherspoon’s £3 million investment for its new pub, ‘The Stargazer’.

Icon Outlet also welcomed several high-profile new brands to its retail line-up including Superdry, Claire’s, Raging Bull and murmur, as well as a number of short-term activations for highstreet favourites such as Reiss, and even global K-pop superstars BTS, whose pop-up featured music-themed merchandise and a range of immersive experiences. Combined, the new signings and openings in 2022 across the destination at The O2 totalled over 54,000 sq ft.

Louisa Dalgleish, Leasing Director of Icon Outlet at The O2added: “The new additions to our enticing tenant mix reinforces The O2’s position as London’s leading day-come-night, all-encompassing destination where new and returning customers can shop, eat and play all under one iconic roof. From well-known brands like Superdry and Clarie’s, to global K-pop phenomenons like BTS bringing unique, interative experiences to the destination, we’re continuing to push boundaries in the industry and attract a broader range of customers than ever before. Looking ahead, we’re excited to see what 2023 brings, as The O2 has it’s most compelling tenant line-up to date across outlet shopping, leisure and F&B, placing us in a strong position to deliver another high performing year.”

For 2023, The O2 has an exciting year ahead with a strong arena diary including the monthly residency of Peter Kay and 10 nights of Elton John, as well as the debut London opening of iFLY Indoor Skydiving, and the celebration of Icon Outlet’s 5th birthday.

KLM and CBRE are the retail leasing agents for Icon Outlet with Lunson Mitchenall leading on the food and beverage leasing.  

This was posted in Bdaily's Members' News section by Nick Thornton .