Crosstree Retail Estate Partners and AEG Europe have announced a new 85-store retail centre to rival Bicester Village will open at London’s The O2 in October.
The 210,000 sq ft Icon Outlet will bring retail to The O2 for the first time since it changed from the Millennium Dome in 2007.
Established retail brands such as Hackett, Ted Baker, Guess, Calvin Klein, Jack Wills, Kurt Geiger, Aspinal of London, Levi’s, and Clarks, have all secured a spot in the new centre. More than three quarters of the new development has already been let or is under offer.
Situated just over 15 minutes away from Bond Street, Icon Outlet will become one of the closest retail centres to central London alongside Westfield Stratford City. It is hoped that the new centre, built on the site of London’s largest concert venue, will increase footfall in the day before an evening concert.
Swiss-Italian tycoon Ernesto Bertarelli has bought a 50% stake in retail and leisure at The O2 in the hope it will “become a retail destination to rival Bicester Village near Oxford”.
Alistair Wood, executive vice president for real estate and development at 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”.
Icon Outlet leasing director Marion Dillon, said: “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.”