Feb 27, 2023
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The O2's Icon Outlet has strong January and half-term

Feb 27, 2023

There were further signs of the strength of the outlet sector on Monday with The O2’s Entertainment District and shopping mall, Icon Outlet, saying it saw “a stellar trading period” throughout January and during February’s half-term week.

The buoyant trading follows “a successful 2022 performance, indicating a strong and positive trajectory for the year ahead”. 

It also comes as outlets in general have been among the strongest UK retail destinations with Wembley Park’s London Designer Outlet also very buoyant at present. Both malls are clearly capitalising on the combined consumer desire for brands and for value.

Shopping sales at the O2 were up 34% in January, which follows the destination’s strong performance throughout 2022, in which The O2 saw over 54,000 sq ft of openings and signings, including Superdry.

Half-term week in mid-February was also good, “with the destination recording its largest footfall figures so far this year, alongside strong trading results”. 

Outlet shopping saw an uplift of 5% on a like-for-like basis against 2022. Valentine’s Day “proved to be a standout trading day, with a 43% increase across the whole scheme, almost double the like-for-like sales in 2022”.

We’re also told that beauty (+10%) and accessories (+14%) were particular standout retail categories.

That’s particularly good given that comparisons for physical stores are becoming tougher as stores lap last year’s post-pandemic recovery period.

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