4 Mar 2024
The O2 continues positive trajectory with strongest start in its history
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 has witnessed its most successful start in it’s history, with the destination welcoming over 1.5 million visitors from 1 January – 25 February, marking an outstanding 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 authentic British fashion retailer Hackett, and purpose-led fashion brand, Scamp & Dude. The Entertainment District also recorded stellar results, with a 30% rise in sales compared to 2023.
February half-term (12 – 25 February) 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, with Chopstix marking the final piece to the strong lineup of brands, joining leading operators Chipotle, Afrikana, iFLY Indoor Skydiving, JD Wetherspoon’s ‘The Stargazer’, Mamma Mia! The Party, and more.
Across the whole scheme The O2 welcomed a staggering 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. The O2’s impressive start to the year and continual success in delivering an active offer, environment, and experience for visitors, further cements its position as a destination of choice across the capital and the wider UK.
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.”
The O2‘s strong start to the trading year coincides with a series of show-stopping arena events, including The O2’s first ‘carbon-removed’ event with four nights of The 1975, as well as up-coming headline performances from Take That, Nicki Minaj, Girls Aloud, The Killers, and Olivia Rodrigo.