Business
Announces new Time Out Market in Boston
Announces new Time Out Market in Boston.
About this update from Time Out Group Plc
[{"type":"text","content":"\n \nRNS Number : 3397S Time Out Group plc 02 October 2017 \n\n2 October 2017\n \nTime Out Group plc\n(\"Time Out\", the \"Company\" or the \"Group\")\nAnnounces new Time Out Market in Boston\n \nTime 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. \nThe 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.\nFollowing 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.\nTime 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.\nWith 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.\nThe opening of the Time Out Market in Boston is anticipated during the first half of 2019; the landlord has commenced construction of the reno...