In 2023, The O2, managed by Waterfront Limited Partnership—a joint venture of AEG and Crosstree Real Estate Partners—witnessed unprecedented success. The celebrated destination recorded a significant increase in visitor footfall and sales, emphasizing its position as a sought-after location for live entertainment, leisure, and retail experiences.
Throughout the year, The O2 attracted over 8.9 million visitors, marking a 17% increase from 2022. This surge in footfall coincided with a notable 31% rise in sales compared to the previous year. Specifically, Outlet Shopping at The O2 saw a 25% increase in sales, while the Entertainment District experienced an even more impressive 34% boost. This growth was accompanied by the addition of 18 brands, encompassing over 61,000 sq ft of space, further diversifying The O2’s offerings.
Outlet Shopping at The O2 achieved consistent success in 2023, with weekly average sales climbing by 25% and an average spend per customer increasing by 6%. Key trading periods such as Easter half term, October half term, and Black Friday weekend saw significant sales increases compared to previous years. The year culminated in a record-breaking Christmas period, with sales on Boxing Day surpassing those of 2022 by 33%.
The influx of prestigious brands like Under Armour, French Connection, and Carvela added to The O2’s appeal. Notable expansions by established tenants such as Tommy Hilfiger and Calvin Klein, among others, reflected the destination’s supportive environment for growth. In line with these achievements, Outlet Shopping at The O2 celebrated its fifth anniversary and underwent a successful brand refresh.
Louisa Dalgleish, Leasing Director at Outlet Shopping at The O2, commented: “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.”
The Entertainment District also reported remarkable growth. Notable increases in sales were observed during key periods such as Easter half term, October Half Term, and December. This growth was bolstered by the introduction of new F&B and leisure options, including JD Wetherspoon’s ‘The Stargazer’, Afrikana, Chipotle, Padel Social Club’s development, and iFLY Indoor Skydiving’s London debut.
Janine Constantin-Russell, Managing Director at the Entertainment District and Outlet Shopping at The O2added: “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. Together, we demonstrated our agility, creativity and active outlook, as we continued to respond to the needs of our visitors and tenants. 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.”
The O2’s success extended to its arena as well, which celebrated a record year in ticket sales. Hosting 216 events, including performances by notable artists and marking important milestones, the arena contributed significantly to the overall triumph of The O2.
