Time Out Group plc Announces new Time Out Market in Chicago
11 December 2017 - 11:00PM
Business Wire
Time Out Group plc (“Time Out”, the “Company” or the “Group”)
(AIM: TMO), the global media and entertainment business, is pleased
to announce that it has signed a conditional lease agreement for a
new Time Out Market in Chicago.
Anticipated to open in 2019, Time Out Market Chicago will be
located at 916 W Fulton Market with planning for the site in the
process of being obtained and secured by the landlord. The
stand-alone, two-storey brick building is at the heart of the
Fulton Market District, one of the oldest meatpacking and food
distribution centres in the city going back to the 19th century.
Today, this is one of Chicago’s thriving neighbourhoods attracting
high footfall with its restaurants, bars, shops, galleries and
hotels as well as offices occupied by some of the world’s leading
companies.
The Chicago location is expected to have a footprint of circa
50,000 sq ft, accommodating almost 600 seats. The offer is spread
across three floors, featuring the market space indoors and
outdoors, an event venue, a viewing and entertainment platform with
bleacher seating and the first Time Out Market rooftop.
Time Out Market brings the best of the city together under one
roof: its best restaurants, bars and cultural experiences, based on
Time Out’s editorial curation. In Chicago, there will be 16 food
offerings, three bars as well as one demonstration kitchen and one
retail area. 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.
The first Time Out Market opened in 2014 in Lisbon and with 3.1
million visitors in 2016, reported strong year-on-year revenue
growth of 115%. Following this proof of format, the Group is on
track to roll out Time Out Market globally. With new Time Out
Markets set to open in Miami in 2018 and in Boston in 2019, Chicago
will mark the third location in the US.
As part of the funding plan for the global Time Out Market roll
out, the Group has secured a 5-year term loan with a gross
commitment of €9m.
Julio Bruno, CEO of Time Out Group plc, stated:
“We are very pleased to bring a truly magnificent Time Out
Market to Chicago. It is a city that we know very well and where
the Time Out brand is hugely popular; our website is getting
millions of page views each month and our Time Out Chicago magazine
has been loved and trusted since 2005.
“The strength of the Time Out brand in Chicago combined with the
city’s fantastic food and cultural scene make this a great location
for a new Time Out Market and as a past Chicagoan myself I am very
excited to see it happen. We now have a roster of Time Out Market
openings in some of the most exciting cities around the world and
we are looking forward to them continuing the success story we
started with Time Out Market Lisbon.”
Didier Souillat, CEO of Time Out Market, commented:
“Time Out Market is not only a reflection of a city’s best
culinary and cultural highlights but also of the city itself, its
soul and history. That is why our new site in Chicago is such a
wonderful fit – an authentic brick building right in the heart of
the city’s historic food trade centre and popular foodie
destination, with a view of the incredible skyline from the
rooftop. This is a very vibrant neighbourhood, attracting locals
and visitors to the city who love to enjoy the good things in
life.
“Chicagoans have a real appetite for unique culinary experiences
and Chicago is home to many established and amazing restaurants
that continue to thrive, but it is also a launching pad for new
chefs who want to shake things up and experiment. The restaurant
scene is so outstanding and that is why the 50,000 sq ft Time Out
Market will be an incredible showcase of the very best of the
city.”
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20171211005463/en/
Time Out Group plcJulio Bruno, CEORichard Boult,
CFOSteven Tredget, Investor Relations DirectorTel: +44 (0)207 813
3000orLiberum Capital Limited (Nominated Adviser and
Broker)Steve Pearce / Jill LiTel: +44 (0)203 100 2222orFTI
Consulting LLPEdward Bridges / Stephanie Ellis / Emma Appleton
/ Frances ElworthyTel: +44 (0)203 727 1000
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