Global food hall brand Time Out Market announces Jay Coldren has been appointed Time Out Market Co-CEO (Development). In this role, Jay will be leading the continued global expansion of Time Out Market with responsibility for new locations, initial curation and site development.
Time Out Market’s growing portfolio includes seven open locations with a further six signed with expected openings between 2023 and 2025. In addition, there are several locations in advanced negotiations.
Having joined Time Out Market in September 2021 as Chief Operating Officer of the Americas, Jay has overseen the five Market locations in the U.S. and Canada. In his new role, he will be working alongside Time Out Market Co-CEO (Operations) Sandy Hayek who since earlier this year has held responsibility for the day-to-day management across the seven existing Markets, with a focus on optimising operations, driving growth and overseeing vendor relations.
Reporting to Time Out Group CEO Chris Ohlund, the two Co-CEO roles complement each other as the Company continues to grow both its existing Markets business — under Sandy’s leadership — as well as its global footprint — under Jay’s leadership.
In line with the Company’s succession plan, Jay is taking over from Didier Souillat who has decided to leave the business after over six successful years. Jay brings a strong background in development and expansion in the hospitality sector with more than 30 years of experience across restaurants, boutique hotels and gourmet retail. Most recently, Jay served as the Executive Director of Hospitality for Streetsense, a creative consultancy in Washington, DC where he developed a global hospitality practice advising clients such as KSL Hotels, Marriott International and Live Nation. Previous roles have included that of Global Brand Leader for EDITION Hotels, overseeing development and expansion; Managing Director for North American operations of Dean & Deluca; and leadership roles at properties such as the Michelin Three-Star Inn at Little Washington, The Inn at Loretto, The Claremont Resort & Spa and more. Jay has also worked as an independent restaurateur, co-owning and operating restaurants across the U.S.
Chris Ohlund, Time Out Group CEO, said: “Jay’s experience in successfully developing and expanding some of the world’s leading hospitality brands and his success as Time Out Market COO Americas makes him a perfect fit for the role of Time Out Market Co-CEO (Development). We are delighted to promote Jay into this role as we continue our global expansion with several new sites in the pipeline and ongoing interest from leading landlords and real estate developers who want to open a Time Out Market with us.
“The Board, the whole team and I would like to thank Didier Souillat for his significant contribution to Time Out Market during his over six years with us. He was a driving force behind the expansion of our Markets globally and instrumental in developing a strong pipeline of new sites which includes our first Market in Asia with Time Out Market Osaka and our first location in Africa in Cape Town. We wish him every success with his new endeavours.”
Jay Coldren, Time Out Market Co-CEO Development, commented: “I am looking forward to leading the global expansion of Time Out Market and bringing our unique food and cultural market to more exciting cities around the world. In just a few years, we have become a leading global food hall brand — this is now a proven and successful concept known for its ability to transform spaces and attract footfall which makes us a perfect choice for real estate partners around the world.”
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About Time Out Market
Time Out Market is part of Time Out Group PLC (AIM: TMO), the global media and hospitality business that curates and creates the best of the world’s greatest cities. Time Out Market is the world’s first editorially curated food and cultural market, bringing a city’s best chefs, restaurateurs and unique cultural experiences together under one roof. From cooking classes with top chefs to installations from local artists and live entertainment, Time Out Market captures and celebrates the best of the city.
Currently, there are seven Time Out Markets globally, featuring over 140 chefs and restaurateurs from James Beard award winners and Michelin-starred restaurateurs to much loved local gems; there are also almost 30 bars plus a variety of cultural spaces. The first Time Out Market opened in 2014 in a historic market hall in Lisbon, quickly turning into the most popular destination in the city with 4m visitors in 2019. The success of Lisbon brought further expansion and today there are seven open locations with a further six signed, in addition to several other locations in advanced negotiations.