The O2 enjoys record start to 2024
The Entertainment District and Outlet Shopping at The O2 have enjoyed their strongest ever start to a trading year, with the destination expecting to top 2023’s record-breaking year of results.
Between 1 January and 25 February, The O2 welcomed over 1.5 million visitors, an increase of 46% compared to the same period last year.
During the same period, sales increased by 25% compared to 2023, with average weekly sales up by 18%. Outlet Shopping at The O2 specifically recorded a year-on-year increase in sales of 18%, bolstered by the sample sales of fashion retailers Hackett and Scamp & Dude. The Entertainment District also recorded strong results, with a 30% rise in sales compared to 2023.
February half-term was particularly robust, with sales at Outlet Shopping at The O2 up by 54% and average transaction value increasing by 13% compared to the same period in 2023.
Meanwhile, the Entertainment District recorded a sales increase of 29%, with average transaction value up by 5% compared to last year. This coincides with the destination reaching full leasing completion, following the signing of Asian restaurant concept Chopstix, which will join operators such as Chipotle, Afrikana, iFLY Indoor Skydiving, JD Wetherspoon’s ‘The Stargazer’, and Mamma Mia! The Party.
Across The O2 as a whole, footfall and sales were up by 45% and 37% respectively during the half-term period compared to 2023. Sales across specific categories also increased, with grab-and-go F&B, homeware, and leisure up by 109%, 40%, and 34% respectively compared to the same period in 2023.
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 venue’s strong start to the year coincides with a number of high-profile arena events, including The O2‘s first ‘carbon-removed’ event with four nights of The 1975, as well as upcoming headline events from Take That, Nicki Minaj, Girls Aloud, The Killers, and Olivia Rodrigo.
The Entertainment District and Outlet Shopping at The O2 are owned and operated by Waterfront Limited Partnership, a joint venture between AEG and Crosstree Real Estate Partners.