Business

Time Out signs lease to open food market in New York

Time Out Market in Lisbon Image copyright Time Out
Image caption Time Out Market Lisbon opened in 2014

Time Out is branching out from print and digital with plans to open a food hall in Brooklyn's trendy Dumbo neighbourhood.

Time Out Market New York will be set over two floors, with 20 different food offerings, three bars, a stage for cultural activities and an exhibition space.

The move follows the success of the first such venture in Lisbon - set up in 2014 - with 3.6 million visitors last year.

It is set to open towards the end of 2018 and remains conditional on obtaining certain building permits.

This is the latest company to move from a predominantly online model to bricks and mortar. Last year, e-commerce giant Amazon bought Whole Foods for just under $14bn in a tie-up aimed at targeting customers both online and on the High Street.

'Global marketplace'

The announcement was set out in Time Out Group's 2017 full-year results.

The company reported a 19% increase in year-on-year revenue to £44.4m, driven by underlying growth and franchisee acquisitions in Australia and Spain.

"Time Out launched 50 years ago to help people explore the best of London and today we are the only true global marketplace for city life, with a presence in 108 fascinating cities worldwide," said Julio Bruno, chief executive of Time Out Group.

Time Out has grown into a multi-platform media and e-commerce business located in 39 countries and with an average monthly global reach of 217 million people.

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