Time Out Group plc Announces new Time Out Market in Boston (3397S)
02 October 2017 - 5:00PM
UK Regulatory
TIDMTMO
RNS Number : 3397S
Time Out Group plc
02 October 2017
2 October 2017
Time Out Group plc
("Time Out", the "Company" or the "Group")
Announces new Time Out Market in Boston
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."
For further information, please
contact:
Time Out Group plc Tel: +44 (0)207
813 3000
Julio Bruno, CEO
Richard Boult, CFO
Steven Tredget, Investor Relations
Director
Liberum Capital Limited (Nominated Tel: +44 (0)203
Adviser and Broker) 100 2222
Steve Pearce / Jill Li
FTI Consulting LLP Tel: +44 (0)203
727 1000
Edward Bridges / Stephanie Ellis
/ Emma Appleton / Frances Elworthy
Notes to editors
About Time Out Group plc
Time Out is a multi-platform media and e-commerce business with
a global content distribution network comprising magazines, online,
mobile apps, mobile web and physical presence via Live Events and
Time Out Market. Using these platforms and its well-established
global brand, Time Out seeks to inspire and enable people to
experience the best of a city, through curated content around food,
drink, music, theatre, art, style, travel and entertainment. Time
Out, listed on AIM and headquartered in the United Kingdom, has a
presence in 108 cities and 39 countries with a monthly global
digital audience reach of 242 million.
This information is provided by RNS
The company news service from the London Stock Exchange
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