Icon Outlet at The O2 in Greenwich, London, is proving to be a shining example of post-lockdown recovery in the UK retail industry. While the recovery across the industry has been varied, with some types of destinations bouncing back faster than others, it is evident that retail parks, local high streets, and now outlet centres are experiencing a faster recovery.

Since the lifting of lockdown measures, Icon Outlet at The O2 has reported impressive performance figures. Sales have increased by 30% over the 12-week period, indicating a strong upward trend. Additionally, footfall has doubled since reopening and now stands at 75% of pre-pandemic levels. This is higher than the average footfall of 59% for London high streets, according to Springboard.

One standout period for the mall was the August Bank Holiday, where like-for-like sales grew by 13% compared to the previous year. There are several factors contributing to the success of the outlet. Firstly, the product mix at the location has been evolving post-lockdown, with the addition of international brand Tommy Hilfiger Kids. This has attracted customers and boosted sales. Furthermore, the opening of Haidilao Hot Pot has introduced a new customer base, specifically drawing in domestic Chinese customers.

These positive performance figures align with reports from other outlet operators, suggesting that outlet centres are recovering at a faster rate compared to other parts of the retail industry. The outlet format, which offers discounted prices and a wide range of brands, seems to be appealing to consumers as they seek value for money in the current economic climate.

The success of Icon Outlet at The O2 is not only promising for the outlet itself but for the entire retail industry. It serves as a reminder that resilience and recovery can be found in challenging times. Outlet centres are carving out a unique shopping experience and positioning themselves as attractive destinations for bargain-seeking consumers. As the retail sector continues to navigate the effects of the pandemic, it is essential to take note of these success stories and learn from the strategies driving their recovery.

Useful links:
1. Icon Outlet at The O2
2. Springboard