Time Out Group is opening a food market in London as part of a commercial venture that has already seen success abroad.
The lifestyle magazine publisher is set to bring 17 restaurants, four bars, a shop and a gallery to a space on Commercial Street, Shoreditch, subject to planning permission.
According to Time Out, the market will offer food and cultural experiences based on its “editorial curation” with the site expected to open late next year.
The group says it will provide tenants with facilities, equipment and support services in exchange for a share of revenues, while bars will be directly managed by the company.
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The move follows the opening of the Time Out’s flagship market in Lisbon, Portugal, in May 2014, and the acquisition of a second lease for a market in Porto.
In the first six months of this year, the company said its Lisbon market reported year-on-year revenue growth of 106 per cent and record numbers of visitors at 1.3m.
Julio Bruno, chief executive of Time Out Group, said the market would be a “uniquely designed location to capture the very soul of this great city”.
He added: “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. Inspiring and enabling people to experience the best of a city is at the heart of everything we do.”
Time Out became a listed company in June, raising net proceeds of £59m by floating on AIM – the London Stock Exchange’s international market for smaller growing companies.
The group reported turnover of £15m and an operating loss of £7.3m in its first half year results as a listed company. It has split its operations into Time Out Digital and Time Out Market.
Didier Souillat, chief executive of Time Out Market, added: “Since 1968 Londoners have relied on Time Out to help them discover what this amazing city has to offer.
“With Time Out Market we’re taking this to the next level as we will bring together under one roof London’s finest cuisine, best cocktails and cultural experiences, based on the editorial curation we’ve always been known for.
“Our focus is to work with London restaurateurs, mixologists, artists, and provide them with the opportunity to showcase their talent in a different, hot and eclectic part of town, Shoreditch, in a space full of character, at the heart of the local community.”
According to the latest ABC figures, Time Out distributes 308,000 magazine copies a week in London.
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