As MAPIC commences, Time Out Market – the food and cultural market bringing the best of the city together under one roof – takes a moment to share an update as it continues its global expansion. In November, the latest site opened: Time Out Market Cape Town at the V&A Waterfront – the first Time Out Market to open on the African continent.
The Time Out Market portfolio currently comprises seven open Markets (Lisbon, New York, Boston, Chicago, Montreal, Dubai and Cape Town) with a further eight signed and due to open between 2024 and 2027 (Porto, Barcelona, Bahrain, Vancouver, Abu Dhabi, Osaka, Prague and Riyadh); several new sites are also in negotiations. In a few years, once all currently signed Markets are open, the portfolio will more than double in size, spanning a total of 600,000 sq ft and over 250 kitchens across all sites.
Time Out Market offers a variety of models to work with real estate developers and landlords, from Owned & Operated to Management Agreements. The sites currently open and in development are Time Out Market flagships; however, to meet continued demand and explore more site opportunities, the Company is developing wider flexibility in formats to best match the Markets proposition to the locality and reach new segments:
- The Time Out Market flagship – focused on prime locations in the world’s top cities
- The endorsed model – The Edit by Time Out Market – suitable as a neighbourhood food hall, for example in up-and-coming neighbourhoods
- A travel hub model – The Hall by Time Out Market – suitable for the fast environment of airports and train stations, is in development as well
Sandy Hayek, CEO of Time Out Market commented: “Time Out Market is more than a food hall – it is a food and cultural market that offers a curation of the best of the city, from award-winning chefs and up-and-coming culinary talents to local artists. This is something that resonates with consumers, concessions and real estate partners.
“We are pleased that landlords and real estate developers around the world continue to be interested in bringing a Time Out Market to their cities and properties. They benefit from working with a well-known, trusted brand and a highly experienced team; in addition, we have the ability to transform spaces and drive a desirable audience as well as brand awareness through our huge global reach via Time Out Media.”
Chris Ohlund, CEO of Time Out Group plc said: “I’m proud to say that Time Out Market now is a truly global brand with sites across four continents – it is a unique concept that has the ability to transform a property into a destination and differentiate commercial buildings.
“At a time when people are increasingly spending time on digital channels, they still want to socialise in real life and that is one reason why food halls continue to be so popular – we capture these trends through our unique combination of Time Out Market (in real life experiences) and Time Out Media (global digital channels), catering to the entire going out experience from inspiring to enabling consumers to experience the best of the city.”
Overview of current portfolio
Open Time Out Markets:
- Lisbon
- New York
- Boston
- Chicago
- Montreal
- Dubai
- Cape Town
Time Out Markets in development (expected opening schedule based on calendar year):
- 2024: Porto
- 2024: Barcelona
- 2024: Bahrain
- 2024: Vancouver
- 2025: Abu Dhabi
- 2025: Osaka
- 2027: Prague
- 2027: Riyadh