Differentiated Urban Effects Around a Large-Scale Entertainment Arena: Evidence from the O2 and Greenwich Peninsula, London

Large-scale entertainment venues are often positioned as anchors of mixed-use redevelopment, yet their surrounding effects may not unfold uniformly across indicators. This study examines differentiated urban effects around The O2 and Greenwich Peninsula in London by comparing treatment and control Middle Layer Super Output Areas (MSOAs) within the Borough of Greenwich. Using Office for National Statistics housing data for 1995–2025 and NOMIS business-count data for 2016–2024, the analysis combines descriptive comparison, pre-2007 comparability assessment, static difference-in-differences, annual event-study estimation, and total and sector-level business analysis. The housing results show a persistent locational premium in the treatment areas. Static DID estimates were not statistically significant, but annual event-study estimates suggest relative strengthening in selected post-opening years. The business results show a substantially larger business base in the treatment areas but only a limited aggregate relative growth advantage. Sectoral patterns are uneven: retail and arts-related activities perform more strongly, accommodation and food services show a modest advantage, and office-oriented services show little relative difference. Overall, the findings indicate differentiated urban effects rather than uniform neighborhood transformation and suggest that venue-centered redevelopment should be evaluated through multiple indicators and with attention to sectoral composition.