Business
New Time Out Market - Chicago
New Time Out Market - Chicago.
About this update from Time Out Group Plc
[{"type":"text","content":"\n \nRNS Number : 8845Y Time Out Group plc 11 December 2017 \n\n11 December 2017\nTime Out Group plc\n(\"Time Out\", the \"Company\" or the \"Group\")\n \nAnnounces new Time Out Market in Chicago\n \nTime Out Group plc (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. \n \nAnticipated 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.\n \nThe 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.\n \nTime 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.\n \nThe 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.\n \nAs 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.\n \nJulio Bruno, CEO of Time Out Group plc, stated:\n\...