31 Jan 2024

The O2 toasts to a record-breaking year of trade

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.


Across the year, The O2  welcomed over 8.9 million visitors to the destination (up 17% compared to 2022 footfall), and boasted a sales increase of 31% compared to like-for-like trading days in 2022, with Outlet Shopping at The O2 up 25% and the Entertainment District up 34%. 18 brands, totalling over 61,000 sq ft of retail, leisure and F&B space, joined The O2’s all encompassing offer, solidifying the iconic landmark’s reputation as a year-round, day-to-night destination.


Outlet Shopping at The O2 enjoyed consistently stellar trading results throughout 2023, with a 25% rise in weekly average sales and an average spend increase per customer of 6%. Calendar highlights included a 63% increase on like-for-like outlet sales during the Easter half term v 2019, a 19% increase during October half term and a 27% 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% compared to December 2022, and Boxing Day sales (up 33% 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% vs 2022, and up 14% 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% and 87% 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.


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.”


This success has also translated throughout the rest of The O2, with the Entertainment District continuing to exceed expectations and deliver month-on-month growth. As a leading destination for F&B and leisure, the Entertainment District continued to triumph throughout 2023, reporting a stellar Easter half-term with a 54% uplift in like-for-like sales vs 2019, a 40% increase in sales during October Half Term compared to 2022, including a record-breaking sales day (Saturday 28 October), as well as a standout December, with sales up 28% vs December 2022, and up 82% vs December 2019.


2023 marked a strong year for F&B and leisure across the destination with the arrival of JD Wetherspoon’s ‘The Stargazer’ at the beginning of the year, a second London restaurant for independent African fusion operator, Afrikana, and a new location for fast-casual dining chain, Chipotle. Responding to the growing customer demand for sports and lifestyle experiences and elevating the destination’s offer further, the signing of Padel Social Club’s state-of the-art 13,000 sq ft development was announced, alongside the opening of iFLY Indoor Skydiving, which marked the operators London debut and underpins the appeal of The O2 in establishing firsts within the capital.


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 positive performance of the Entertainment District and Outlet Shopping at The O2 coincides with, and bolsters, the success of The O2 more widely, as the venue celebrated a record-breaking year of ticket sales for the arena, with over 2.5 million tickets sold. The world-famous arena hosted 216 events in 2023, including ten nights of Elton John’s final farewell tour, residencies for Madonna and Peter Kay, headline performances from Shania Twain, S Club, and Blink-182, as well as its 3,000th event with the legendary Tom Jones. 2024 is set to be another exciting year in the arena, with headline performances from Take That, The 1975, Girls Aloud, The Killers, and Olivia Rodrigo, with lots more world-class acts still to be announced.