Time Out is on track to more than double its number of food markets globally over the next four years.
The company already has seven such sites, of which the newest opening was in Cape Town in November 2023. It is set to open in Bahrain, Barcelona and Porto later this year with a further five sites opening between 2025 and 2027.
Its markets in Porto and Barcelona are under construction and will have a capex cost per square foot 40% lower than the company’s older owned and operated markets, as a result of design improvements.
The remaining five sites in the pipeline will all be operated via management agreements, with Vancouver, Abu Dhabi and Osaka opening in 2025, followed by Prague and Riyadh in 2027.
Time Out confirmed the openings alongside results for the six months ended 31 December 2023. Revenue grew by 11% to £36.5m, with adjusted EBITDA at £6.1m up from £2.5m a year ago.
The company incurred costs of more than £8,000 on location exits in London and Miami, plus almost £2,000 in restructuring costs during the 12 months to 30 June 2023.
Time Out withdrew its plans for a 20,000 sq ft-plus food market in London’s Spitalfields in February last year, blaming the drawn-out planning approval process. It closed the doors to its Miami branch in June after four years of operation.
Chris Ohlund, chief executive at Time Out Group, said: “We are making continuing progress in delivering our growth plan. Our trusted brand and ‘best of the city’ content continues to attract more traffic to our media and more footfall to our markets as we expand our global presence.”
Photo by Stephen Lovekin/Shutterstock
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