Time Out Group plc (AIM: TMO), the global media and entertainment business, is pleased to announce that it has signed a lease agreement for a new Time Out Market in Boston, with the benefit of planning for the site already secured.
The site is located in the striking 401 Park building (formerly Landmark Center), a warehouse built in 1929 and today home to a variety of retail stores, a movie theatre and office space. The historic building is at the heart of the popular and dynamic Fenway neighbourhood, home to the city’s highest concentration of cultural institutions, its legendary nightlife, shopping, famous universities and colleges as well as Fenway Park, home to the Boston Red Sox – all attracting millions of visitors to the area each year.
Following the success of the Company’s flagship market in Lisbon, which opened in 2014, this marks the second confirmed Time Out Market in the US, with a market set to open in Miami in 2018. In 2016, the Lisbon market reported strong YoY revenue growth of 115% and a record 3.1 million visitors.
Time Out Market brings together the best of the city under one roof: its best restaurants, bars and cultural experiences, based on the editorial curation Time Out has always been known for. The Boston location is expected to have a footprint of 21,500 sq ft (including 2,500 sq ft back of house) and 3,700 sq ft of outdoor space, accommodating 532 seats indoors and 120 seats outdoors. The curated mix will showcase 16 food offerings, two bars as well as one cooking academy and one retail shop. Time Out Market will provide tenants with the facilities, equipment and support services in exchange for a share of revenue, while bars will be directly managed by the Time Out Market team.
With a focus on supporting local businesses, a close connection with the city is at the heart of the Time Out Market philosophy. As with its existing location in Lisbon, it is expected that the Boston site will bring significant employment and broader benefits to the area.
The opening of the Time Out Market in Boston is anticipated during the first half of 2019; the landlord has commenced construction of the renovation. With plans for new markets progressing well and new locations being considered globally, the Group is making significant advancements in rolling out the highly successful Time Out Market concept.
Julio Bruno, CEO of Time Out Group plc, stated:
“Opening new Time Out Markets is a core part of our growth strategy and adding Boston to our portfolio is another great milestone. We have found a unique location that has been at the heart of the city since 1929; this is a vibrant neighbourhood and a very dynamic community that some of the most innovative companies call home. Time Out Market Boston will be our second location in the U.S. where we continue to grow our brand.
“Our first Time Out Market in Lisbon is going from strength to strength since it opened in 2014, as the world’s first food and cultural market based wholly on editorial curation. It is a profitable business with an excellent performance and we are proud that it is loved by millions. We can’t wait for people in Boston and visitors to the city to get to enjoy their very own Time Out Market.”
Didier Souillat, CEO of Time Out Market, commented:
“We are pleased to have found such a wonderful site in Boston for Time Out Market with a landlord that shares our values. The art deco building is woven into the fabric of Fenway; a workspace, cultural hub and playground for professionals, students and tourists alike – it is a fantastic back drop for Time Out Market within a high footfall area.
“This is an exciting time to open Time Out Market in Boston where the food scene has been steadily evolving. The restaurant sector is enormously supportive of young local chefs – as are we – which ensures that the pool of talent in the city is continuously growing. We all look forward to showcasing our curated mix of the city’s best restaurateurs in Boston alongside the most talented mixologists and artists.”