In 2023, The O2, overseen by Waterfront Limited Partnership—a collaboration between AEG and Crosstree Real Estate Partners—achieved remarkable success, particularly in its fashion retail sector. This iconic London destination, known for its comprehensive mix of entertainment, leisure, and retail, recorded a significant uptick in visitor numbers and sales, with a notable emphasis on fashion retail.
The year saw The O2 welcome over 8.9 million visitors, a 17% increase from 2022. This influx of guests was matched by a substantial 31% rise in overall sales. Fashion retail, especially at Outlet Shopping at The O2, was a significant contributor to this growth, experiencing a 25% increase in sales. The addition of 18 brands, which included prominent fashion retailers, expanded the destination’s retail footprint by over 61,000 sq ft.
Outlet Shopping at The O2, a hub for fashion enthusiasts, consistently outperformed expectations in 2023. The weekly average sales in fashion retail soared by 25%, with customer spend per visit also rising by 6%. Seasonal periods, such as Easter, October half term, and Black Friday, saw remarkable sales increases compared to the previous years. The fashion retail sector closed the year on a high note, with record-breaking sales during the Christmas period and Boxing Day, indicating a robust consumer interest in fashion.
The arrival of internationally recognized fashion brands like Under Armour, French Connection, and Carvela at The O2 underscored its appeal as a fashion destination. Furthermore, expansions by luxury fashion giants Tommy Hilfiger and Calvin Klein, along with global retailers like Lids and Levi’s, reflected a vibrant and growing fashion retail environment. These expansions not only showcased the brands’ commitment to The O2 but also highlighted the centre’s role in promoting fashion retail growth.
Louisa Dalgleish, Leasing Director at Outlet Shopping at The O2, commented: “2023 was a standout year for us.We demonstrated our ability to actively engage with and listen to our visitors, and work collaboratively to identify growth opportunities for existing tenants, whilst securing high-quality brands that resonate with our visitors, and the results speak for themselves. Whilst we look forward to building on this success in the new year, we’re not a destination which sits still, and we are confident of taking Outlet Shopping at The O2 to new heights in 2024.”
The Entertainment District also reported remarkable growth. Notable increases in sales were observed during key periods such as Easter half term, October Half Term, and December. This growth was bolstered by the introduction of new F&B and leisure options, including JD Wetherspoon’s ‘The Stargazer’, Afrikana, Chipotle, Padel Social Club’s development, and iFLY Indoor Skydiving’s London debut.
Janine Constantin-Russell, Managing Director at the Entertainment District and Outlet Shopping at The O2 added: “I’m extremely proud of the team here at The O2 and everything that we have achieved in 2023. It has been a very special year for us, as not only did it mark Outlet Shopping at The O2’s fifth anniversary and deliver record-smashing results, but it was also our first full year of trading since 2019. Together, we demonstrated our agility, creativity and active outlook, as we continued to respond to the needs of our visitors and tenants. As we look ahead to 2024, we remain committed to contributing to London’s wider retail, leisure and entertainment scene; evolving, diversifying and pushing the boundaries of what is possible.”
The O2’s success extended to its arena as well, which celebrated a record year in ticket sales. Hosting 216 events, including performances by notable artists and marking important milestones, the arena contributed significantly to the overall triumph of The O2.
