Time Out announces new market in London
Following the success of its market in Lisbon, international media group Time Out has signed a conditional lease on an large site in London.
The deal will see the group’s Time Out Market division transform 106 Commercial Street, in Shoreditch, into a 19,250 sq ft space, housing 17 restaurants, four bars, a cooking academy, a shop and an art gallery.
Expected to open in the second half of 2017, the market will provide tenants with the facilities, equipment and support services in exchange for a share of the revenues, while bars will be directly managed by the group.
“Inspiring and enabling people to experience the best of a city is at the heart of everything we do,” said Julio Bruno, CEO of Time Out Group Plc. “Now we’re bringing this ethos to life in Time Out Market which we believe Londoners and visitors are going to love.”
The flagship Lisbon market opened in May 2014 and the model has proved successful with YoY proforma revenue growth of 106% and record visitors of 1.3million.