Time Out Group announced that it has signed a lease agreement for a new Time Out Market in Boston, Massachusetts, with the benefit of planning for the site already secured.
The market will be located in a warehouse built in 1929 and today home to a variety of retail stores, a movie theatre and office space.
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 year-on-year revenue growth of 115 per cent and a record 3.1 million visitors.
Expected to open during the first half of 2019, the market 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.
Julio Bruno, CEO of Time Out Group, said “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, added “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.”
Time Out Group is a member of FIPP.
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