Budget Burberry at the O2? Designer outlet planned for venue

p52 An aerial view shows the North Greenwich Arena, site of the artistic gymnastics, basketball, trampoline and wheelchair basketball events, in London, March 27, 2012. London will host this summer's Olympic Games. Picture taken March 27, 2012. REUTERS/Stefan Wermuth (BRITAIN - Tags: TRAVEL SPORT OLYMPICS) ATTENTION EDITORS - PICTURE 12 OF 19 FOR PACKAGE 'LONDON 2012 FROM THE AIR'

Reuters

Staff|Agencies6 January 2014

The O2 Arena could soon be the place to pick up budget Dior and Prada as well as see the world's biggest stars, with developers in talks to open a designer outlet complex at the venue.

Land Securities, Britain's largest property company, is reportedly negotiating with the venue's owner AEG Europe to open a budget luxury centre similar to Oxford's Bicester Village, according to the Times.

The centre would offer designer clothing and accessories at discounts of up to 60%. Bicester Village, a favourite of the Duchess of Cambridge, is home to outlets of brands such as Armani, Burberry, Dior, Jimmy Choo and Ralph Lauren.

Brands signed up the Bicester Village are understood to sign an exclusivity agreement preventing them from opening an outlet within a certain distance of the complex but the O2 Arena in Greenwhich falls outside of this zone, according to the report.

AEG Europe is hoping the plan will also transform the former Millennium Dome into both a day and night destination. Land Securities have signed up for six months of negotiations over the project.