The O2 reports “record-breaking” 2023

The Entertainment District and Outlet Shopping at The O2, owned and operated by Waterfront Limited Partnership, a joint venture between AEG and Crosstree Real Estate Partners, has reported a “record-breaking” year of trade in 2023, with visitor numbers hitting 8.9 million.

The outlet, which rebranded from ‘Icon Outlet at The O2’ in August 2023, reports that visitor numbers were up 17 percent compared to 2022, helping lift sales by 31 percent in 2023 compared to like-for-like trading days in 2022.

In 2023, the O2 saw a 25 percent rise in weekly average sales and an average spending increase per customer of 6 percent.

The destination also had a record-breaking Christmas period, seeing like-for-like sales up by 14 percent and Boxing Day sales increased by 33 percent. These are mirrored by the rise in footfall across the whole destination throughout December, which was also up 19 percent vs 2022 and up 14 percent vs 2019.

The results were anchored by a wave of new brand openings last year, including Under Armour, French Connection, and Carvela, as well as several significant upsizes from long-standing tenants such as Tommy Hilfiger and Calvin Klein, which upsized their stores by more than 110 percent and 87 percent respectively.

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.”