Westfield Stratford City has announced a £10m deal to become the world’s first official Olympic shopping centre, just days before it is due to open its doors.
The east London shopping centre will get an Olympic makeover ahead of next summer’s games and will feature the London 2012 logo and brand. The deal also pushes the London Organising Committee of the Olympic Games (Locog) beyond its £700m domestic sponsorship target.
Locog receives 1.9 million sq ft of floorspace at the new shopping centre, which opens on Tuesday, as part of the deal. An official merchandise store will open at Westfield Stratford City in October which will help the Olympic Games achieve its goal of making £80m through selling licensed products.
The deal is believed to be the first time a shopping centre has bought official Olympic status, although contracts with retail chains are common. While money has changed hands, much of the contract is thought to be “value-in-kind” use of the shopping centre, which will also house Team GB’s official hospitality zone.
Locog will use the shopping centre as a logistics and operational hub during the event. It will set up temporary offices and use its 3,000-space car park to accommodate some of the 200,000 people it will employ at the peak of next summer.
Paul Deighton, chief executive of Locog, said: “Alongside the Olympic Park, Westfield Stratford City is a tangible example of how east London is at the start of an exciting new journey. It is with great pride that this deal takes us to our target of raising £700m in domestic sponsorship.”
Westfield Stratford City will be a key part of the Olympic experience. Approximately three quarters of spectators will travel through the shopping centre before walking down Chestnut Plaza and through security checks.
Michael Gutman, managing director for Westfield UK/Europe and New Markets, said: “We are delighted to be extending our relationship with LOCOG in the sponsorship announced today.
“We expect that Westfield Stratford City will enhance the whole Olympic experience in the period leading up to and during the Games as well as providing a unique boost to the legacy for many years beyond as well.”
Meanwhile, Locog has booked 600-plus rooms in three Stratford City hotels. The Premier Inn, the Holiday Inn and Stalybridge Rooms have all been reserved by Locog.
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