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The O2 celebrates successful year of trade with sales up 18%

Tom Shearsmith
06 January 2023

The O2 is celebrating a successful year of trade across the destination, with sales across outlet shopping, food and beverage, and leisure activities up 18% compared to 2019, with footfall also up by 7%.

2022 performance highlights include a strong summer period and record-breaking December, with like-for-like sales up 17% vs 2019, and Boxing Day recording its biggest day for sales since opening.

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.

Icon Outlet 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 and 18 December), and on Boxing Day (26 December) recorded a like-for-like uplift of 11% versus 2019.

Storm Eunice caused extensive damage to The O2's roof in February 2022, which resulted in the destination’s temporary closure.

ICON Outlet at The O2

The O2’s Entertainment District also reported an impressive year, with footfall and sales continuing to deliver month-on-month growth. 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.

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.”

Icon Outlet welcomed several high-profile new brands to its retail line-up including Superdry and Claire’s, as well as a number of short-term activations for brands including Reiss. 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 O2, added: “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.”

For 2023, The O2 has a busy year ahead with a strong arena diary including the monthly residency of Peter Kay and 10 nights of Elton John, as well as the celebration of Icon Outlet’s 5th birthday. recently spoke to Janine Constantin-Russell, Managing Director of Icon Outlet at The O2. She spoke about the developing retail landscape, and why outlet shopping continues to grow.

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