The O2 sales jump 31% in 2023
Outlet Shopping at The O2 enjoyed consistent trading results throughout 2023, with a 25% rise in weekly average sales and an average spend increase per customer of 6%
The Entertainment District and Outlet Shopping at The O2 has reported a record-breaking year of trade in 2023, with a 31% sales increase compared with like-for-like trading days in 2022.
Across the year, The O2 welcomed over 8.9 million visitors to the destination (up 17% compared to 2022 footfall), and reported Outlet Shopping sales at The O2 up 25% and the Entertainment District up 34%.
A total of 18 brands, with over 61,000 sq ft of retail, leisure and F&B space, joined The O2’s all-encompassing offer, solidifying the landmark’s reputation as a day-to-night destination.
Outlet Shopping at The O2 enjoyed consistent 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 compared with 2019, a 19% increase during October half term and a 27% increase during the Black Friday weekend compared with 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% compared with 2022, and up 14% compared with 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.
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.
Louisa Dalgleish, leasing director at Outlet Shopping at The O2, said: “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.”
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.
“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.”