O2 Arena owners AEG Europe have this week revealed plans to establish a 100 unit designer outlet centre to neighbour the iconic entertainment venue, on the scale of market-leading Bicester Village in Oxfordshire. Talks have now begun with property firm Land Securities, with the initial design of the project thought to take the form of an American-style mall on an unused plot of land in the vicinity of the arena itself.
The group hopes that many of the names found in Bicester Village, the world’s most successful discount designer shopping centre, will choose to take up commercial space in the new venture.
Although Bicester Village requires tenants to sign a geographical exclusivity deal, prohibiting the opening of another discount premises within a certain distance, Greenwich falls out of the zone specified by the contract and so is free to attempt to approach names such as Louis Vuitton, Dolce & Gabbana and Dior.
Senior vice president of real estate and development at AEG, Alistair Wood, believes that both his company, the O2 Arena and Greenwich as a whole could benefit from the establishment of a shopping centre specialising in bargain price high end fashion.
He says; “We are strongly of the view that a well-executed and positioned designer outlet village could drive the huge success enjoyed to date at the O2.
“We welcome Land Securities as our potential partner, who we believe to be an ideal match in terms of track record and skill set.”
AEG has already begun to move forward with the project, having signed a six month exclusivity deal with Land Securities in order to further explore the opportunities entering into a joint venture would provide.
Additionally, Greenwich Council has granted planning permission for a total of 230,000 square feet of retail space within the O2 Arena, with the space split between the ground floor and the upper level – originally intended to be a casino – of the popular entertainment venue.
With a plethora of big names already based in London, it stands to reason that this new venture could further contribute to the capital’s fashion offer.
