Time Out Market to open in London’s Shoreditch
Time Out Group, the multi-platform media and e-commerce business, has signed a conditional lease agreement for a new Time Out Market at 106 Commercial Street in London’s Shoreditch district.
Subject to planning permission being received on the site, this will be the first Time Out Market in London, following the success of its flagship market in Lisbon which opened in May 2014.
In the first six months of 2016, the Lisbon market reported year-on-year proforma revenue growth of 106%, 1.3 million visitors, and positive EBITDA in each month of the current financial year.
Time Out said the new outlet will bring together under one roof some of London’s best restaurants, bars, shops and cultural experiences based on Time Out’s editorial curation.
The London location is expected to have a footprint of 19,250 square feet. Time Out Group will provide tenants with the facilities, equipment and support services in exchange for a share of revenues, while bars will be directly managed by the group.
The site is expected to open during the second half of 2017. The group is also working to open Time Out Markets in Porto, New York and Miami.
Julio Bruno, chief executive of Time Out Group, said: “I’m absolutely delighted to announce that we will be bringing our unique Time Out Market format to London. This is not only one of the world’s most vibrant and exciting cities, but also the birthplace of our iconic brand. Opening a Time Out Market here is an incredible milestone for our brand and our growth strategy.”
