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, have experienced their strongest start to a trading year with stellar results throughout January and February, including half-term, resulting in the destination expecting to top 2023’s record-breaking year of results.
The O2 welcomed over 1.5 million visitors between January 1 and February 25, marking a 46% increase compared to the same period last year. Hand-in-hand with the rise of visitors, The O2 also experienced a 25% increase in sales compared to 2023, with average weekly sales having increased by 18%. More specifically, Outlet Shopping at The O2 saw an uplift of 18% in sales versus the same period in 2023, bolstered by the sample sales of Hackett and Scamp & Dude. The Entertainment District also recorded stellar results, with a 30% rise in sales compared to 2023.
February half-term (February 12 – 25) was exceptionally robust, with Outlet Shopping at The O2 recording a strong sales uplift of 54% and average transaction value uplift of 13% compared to the same period in 2023. Similarly, the Entertainment District experienced an impressive sales increase of 29% and rise in average transaction value by 5% versus 2023, coinciding with the destination reaching full leasing completion.
Across the whole scheme The O2 welcomed a 45% rise in footfall and 37% rise in sales during the half-term weeks compared to 2023. Sales across specific categories also increased, with ‘Grab and Go’ F&B, Homeware, and Leisure seeing an uplift of 109%, 40%, and 34% respectively compared to the same period last year.
Janine Constantin-Russell, managing director of the Entertainment District and Outlet Shopping at The O2, said: “Following such strong results in 2023, we are delighted to be celebrating such a positive start to 2024. We continue to be the destination of choice when it comes to retail, leisure, and F&B, and these results emphasise the role we play in delivering a successful and desirable offer for our visitors, with everything under one roof. 2024 has already showcased a significant moment for the destination with the Entertainment District reaching full leasing completion, and we look forward to replicating more milestones throughout the rest of the year.”
