ICON Outlet bucks festive period trend with significant footfall and spend growth

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ICON Outlet at The O2, the 210,000 sq ft premium urban outlet developed by AEG and Crosstree Real Estate Partners, has reported bumper Christmas trading with like-for-like sales growing by 39% during the holiday period from 23 December – 5 January, benefiting from a 34% increase in destination footfall to The O2 (excluding customers to The O2 arena).

Across all stores there was particularly strong like-for-like performance growth over the Christmas period, with beauty up 71%, accessories up 52%, footwear up 39% and fashion increasing by 33%. In addition, Boxing Day far exceeded expectations, bucking the national trend to set a new record sales day for ICON Outlet.

Food and beverage sales in the Entertainment District at The O2 also saw a 33% growth across the same period year-on-year, with overall sales for 2019 up 10%. This follows the opening of the Street Food Quarter, by CHLOE and Butcher and the Farmer, expanding the range of bars and restaurants available to visitors to over 30, and introducing some grab-and-go options for customers on the move.

Managing Director of ICON Outlet and the Entertainment District at The O2, Janine Constantin-Russell, commented: “We are delighted Christmas has been such a huge success and that we welcomed so many customers. Many chose to make a day-out destination visit to The O2 for outlet shopping at our premium brands, whilst also enjoying our enhanced experiences, including live music and performances, free gift wrapping, home delivery and our free parking incentives.”

Since the opening of the second phase of ICON Outlet in July 2019, the destination now houses an expanded offering of international brands, such as Nike, adidas, New Balance, Tommy Hilfiger, and Beauty Outlet. In addition, sample sale company, Showcase, has brought brands such as Paul Smith, Reiss, Hackett and Theory to The O2.

The bumper Christmas trading caps a record breaking year for The O2, recently reaching the milestone of 25 million event tickets sold and being voted ‘Venue of the Decade’, reaffirming the destination’s position as the world’s most popular music, entertainment and leisure venue. The O2 has continued to add to its offer with Oxygen Freejumping trampoline park making its debut; a new street food destination created with indie brands Hook, Scarlet, Beer + Burger and Thunderbird Fried Chicken; Cineworld expanding to become London’s largest cinema with 19 screens; and Mamma Mia! The Party launching alongside ABBA: Super Troupers The Exhibition.  Coming up in 2020; dates have been announced for Stormzy, Billie Eilish and Diana Ross, whilst residencies have been secured for Queen + Adam Lambert, Elton John, and the final year of the Nitto ATP Finals.

CBRE and CWM are the retail leasing agents for ICON Outlet, with Lunson Mitchenall leading on the food and beverage leasing.