Luxury shopping mall in the planning at the 02 Arena

One of Britain's biggest property companies, Land Securities, is preparing

to develop a designer outlet center in the 02 Arena in Greenwich. Land Securities hopes that the new luxury retail shopping center will become a rival for the upscale designer shopping outlet in Bicester Village, Oxfordshire.

The company has signed a six-month exclusivity contract AEG Europe, the owner of the 02 Arena and concert promoters to develop a joint venture luxury shopping mall in part of the unused Arena.

According to The Time, AEG has acquired planning permission for 230,000 square feet of retail space, in which up to 110 shops, restaurants and bars can be open. The retail units would be opened on the ground floor of the Arena, in addition to a vacated balcony on the upper floor.

Although plans for the designer shopping center are still in an early stage, the companies hope to attract luxury brands such as Louis Vuitton, Dolce & Gabbana and Burberry to sign lease agreement for the new center.