AEG and Crosstree Real Estate Partners have revealed their vision for ICON Outlet, the 210,000 sq ft premium urban outlet that opens from this October under the famous tented roof of The O2, bringing shopping to the world’s number one entertainment venue for the first time. Together with the construction of a 50,000 sq ft cinema extension for Cineworld and a 30,000 sq ft trampoline park, leased to Oxygen Freejumping, the UK’s leading operator, The O2’s offer is being evolved to reflect the consumer-led convergence of retail, leisure and entertainment. In total, over 75% of the space under development is let or under offer.
Consisting of 85 stores and 35,000 sq ft of new restaurants, cafés and bars, ICON Outlet will provide the best of accessible premium fashion and lifestyle brands. Leading UK and international retailers, such as Hackett, Ted Baker, Guess, Gant, Calvin Klein, Crew Clothing, Jack Wills, Kurt Geiger, Aspinal of London, Levi’s, Pepe Jeans, Clarks and Skechers, are among the brands to have signed already.
Whilst common in continental Europe and the US, urban outlets are a relatively new concept in this country as outlets tend to be located outside of major city centres. They combine the choice, convenience and value of online with the inspiration and engagement of the very best of physical retail. Their breadth of offer is also easily accessible to large numbers of consumers through excellent transport links, which will resonate with all visitors, including London’s Millennials and Generation Z consumers, who typically do not have their own means of transport.
ICON Outlet is just 15-minutes from central London and, served by the Jubilee Line, Crossrail (at Canary Wharf), MBNA Thames Clippers and The Emirates Airline, it will be easy to reach for the majority of the capital’s ten million population, as well as the 31 million domestic and foreign visitors to London every year. In addition, ICON Outlet will appeal to the existing nine million visitors The O2 attracts to its 200 annual arena events, cinema, restaurants, bars and venues each year. 75% of The O2’s current visitors are from outside the catchment, and 50% are from CACI’s Affluent Achievers or Rising Prosperity Acorn groups, the UK’s highest spending consumers.
In addition to the retail and leisure offer, ICON Outlet will bring new retail experiences to The O2. A range of exclusive services will also be provided, such as personal shoppers and stylists, concierge luggage drop and hands-free shopping, a deluxe tax back lounge, and unique event shopping packages.
ICON Outlet will also be the first Major Retail Development ever in the UK to have achieved a BREEAM Outstanding rating.
Commenting on the announcement, Alistair Wood, executive vice president for real estate and development for AEG, said: “ICON Outlet is the most relevant retail and leisure destination set to open in Europe this year. Our understanding of consumers has informed every aspect of the development: from which brands have been selected, to how the experience responds to the unique setting under The O2’s world famous roof. ICON Outlet brings an exciting new element to The O2’s offer, further increasing its appeal as a destination providing unique experiences”.
Marion Dillon, leasing director for ICON Outlet, added: “ICON Outlet at The O2 is long overdue in London. The capital has some of the youngest, most discerning consumers of any city in the world. These are people that often think online first when it comes to retail, and spend what would have been their shopping and leisure time seeking new experiences. ICON Outlet will be a destination that caters for both needs, bringing together choice, value and inspiration in a location that is not only one of the easiest to reach in London, but has a reputation for providing the very best of experiences for tourists, existing visitors to The O2, and a new generation of consumers. With ICON Outlet, The O2 evolves to become where retail and entertainment converge.”