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[title]Launching the centenary celebrations of the magnificent heritage building he, his brother Olivér and their team now oversee, Viktor Balogh reflected on a successful first six months for Time Out Market Budapest at the historic Corvin Palace.
Transforming this former department store into a contemporary culinary and cultural hub has been “a labour of love” – but the best is yet to come, according to the 33-year-old co-owner. “We’re always adding new elements and trying to improve. The introduction of the lunch menu has seen an incredible increase in traffic.”
With the month of March dedicated to marking 100 years of the Corvin Palace, each week one of the 11 dining outlets here is preparing a special selection of dishes based on the original menu the Balogh brothers found from 1926. The find is only one of several surprises they uncovered during the painstaking process to convert this landmark into a going gastronomic concern.
On the horizon are a four-star hotel and what will be the biggest rooftop bar/restaurant in Budapest – of which more later.
Reviving a legend
“From the beginning, we could see how prestigious this building was back in the day. This was the biggest department store in the region. Everyone came here, three million shoppers a year. They would take the train here to shop. This building is in the memory of the entire nation.”
“We really wanted to do justice to that heritage, and live up to that standard. And we felt the only thing which would echo that kind of magnitude today would be something like a Time Out Market.”
“We saw that with Time Out, the building could regain something of its former spark. We had many discussions on what to bring to this most important part of the building – heritage-protected, with its beautiful ceiling, natural light, with a courtyard below.”
The Corvin Palace has connected to the Balogh family for the last 25 years after it was bought by their father, Ákos, and his then business partners. Returning from his studies in America, Olivér took over Corvintető, the pioneering club atop the building. In the meantime, after attending Loughborough University and working in finance in London, Viktor came home to work on the next venture.
“Around 2019-20 we started thinking seriously about creating this project together. We had so many plans. A gym with a jacuzzi in the middle beneath that heritage ceiling, a hotel, a casino… but we really believed in Time Out.”
A personal connection with the people behind Time Out Lisbon had seen Olivér fly to Portugal to find out more. “When the team from Time Out in London came here and saw the Corvin Palace, they said they had the same feeling about Budapest as they had done about Lisbon in 2014. Their reaction was immediate: ‘Guys, we’ve got to do this!’.”
A family business
Not only had the brothers not worked together before, the Corvin Palace hadn’t operated to its full capacity in decades.
“Once we started this project, from the get-go, we worked very well together. We understood each other’s responsibilities and our roles grew organically. I was working more with the architect and arranging the tenders between potential contractors, while Olivér was focusing more on the business side with the tenants. We both go much deeper than owners usually do.”
“We signed the contract with the general contractor in February 2025. And we managed to build it in six months. When it started to look like a Time Out market, that was a big relief, but the first time I felt something really special was the moment we opened on September 20. People started flooding in, and their attitude towards the market was like it was something that had always been here. That was just amazing.”
“Over the first five months, we really managed to capture the local market. We always try to fill the place with events and music, and Budapest residents have really taken to it. Where we now have potential is to attract tourists on top of that.”
Looking ahead
And there’s more to come. “We’re developing the hotel and the rooftop is on its way. This will be the biggest rooftop venue in Hungary, 760sqm, a huge area, with a large bar and a restaurant outlet.” Construction is due to start this summer with a view to opening in 2027.
A hotel has long been in the frame. With Time Out Market occupying the first floor, installing a hotel above made perfect sense. There was no shortage of interest once the word went out: “Within two weeks, we had 32 applicants. Insane! And all the big brands. Then came the long process of selection. We went with Ruby from Munich, partly because they had a great offer for us in business terms, but also they are four-star. We felt that there were already too many five-star hotels in Budapest – there’s more potential in the four-star bracket. Plus, they serve breakfast at Ruby, which Time Out Market doesn’t, but they don’t serve lunch, they don’t serve dinner. This is key for us because it’s the perfect synergy with Time Out.”
“And after we signed the deal, Ruby was bought by the InterContinental Hotels Group (IHG), which is another important development for us. It felt like that reinforced our decision. It’s going to bring its own loyalty programme to Ruby. That’s massive.”