Outlet Shopping at The O2 sees ‘social spending’ boost sales – TheIndustry.fashion

Outlet Shopping at The O2 is celebrating a successful first half of 2024, reporting sales were up by 15% thanks to ‘social spending’.

Between January and June 2024, the Outlet Shopping at The O2, owned and operated by AEG Europe and Crosstree Real Estate, has enjoyed impressive growth on last year’s record results.

The site reported a 15% increase in sales, bolstered by the recent openings of Castore and All Good Things.

Standout categories included sportswear, which exceeded year-to-date growth, welcoming an increase of 33% with the recent arrivals of Castore and Under Armour, and anchor brands Nike and Adidas.

Janine Constantin-Russell, Managing Director of the Entertainment District and Outlet Shopping at The O2, said: “2024 has been a fantastic year so far. The destination is firmly established amongst Londoners and visitors to the capital alike, with the unique totality of our offer having huge appeal. This is not only leading to really strong and sustained performance across a range of key performance metrics, but is driving demand among brands too. They are recognising the importance of ‘social spending’ and that The O2 is the perfect place to facilitate it.

“Looking ahead to the next six months, we will continue to evolve our offer, signing exciting new brands, adding even more engaging experiences, and ensuring The O2 remains London’s favourite place to bring people together, with all the positive impact on performance that brings.”

The results follow a recent report by The O2 and CACI on the emergence of ‘social spending’ at the destination. This trend is here to stay and will likely be seen in other locations as consumers increasingly focus their time and money on places that facilitate social interaction.