Business
New Time Out Market - Osaka (Mgmt Agreement)
New Time Out Market - Osaka (Mgmt Agreement).
About this update from Time Out Group Plc
[{"type":"text","content":"\n \n \n 19 May 2022\n \n \n \n \n \n \n Time Out Group plc\n \n \n \n \n (\"Time Out\", the \"Company\" or the \"Group\")\n \n \n \n \n \n \n \n \n \n New Time Out Market - Osaka management agreement\n \n \n \n \n \n \n Time Out Group plc (AIM: TMO), the global media and hospitality business, today announces that it has entered into a management agreement with real estate developer Hankyu Hanshin Properties Corporation, to open a new Time Out Market (\"Market\") in Osaka.\n \n \n \n \n \n This is Time Out Market's fifth management agreement and its first location in the region, enabling further global expansion of this successful food and cultural market.\n \n \n \n \n \n Time Out Market Osaka is expected to open in the Umekita Second Zone development in 2025. The Umekita Project, in the Umeda area of the city, is a large-scale development at the former cargo yard in front of Osaka Station. Once complete, it will establish an urban complex with offices, hotels, commercial facilities, a municipal park and housing.\n \n \n \n \n \n Time Out Market Osaka will showcase the city's best food, drinks and culture, and will span over 31,000 square feet, and include 15 of Osaka's best chefs and restaurateurs, and two bars.\n \n \n \n \n \n Under the agreement, Time Out receives a share of revenues and profits (subject to a guaranteed consultancy fee) but does not contribute to the capital cost of the site. Time Out's primary responsibility is branding, curation and day-to-day consultancy advice on operations.\n \n \n \n \n \n \n Didier Souillat, Co-CEO of Time Out Market, commented:\n \n \n \"We look forward to working with Hankyu Hanshin Properties Corporation to bring the best of Osaka's homegrown cuisine and culture together under one roof. 2025 is set to be an exciting year in Osaka, with all eyes on the city as it hosts the next World Expo, so it is perfect timing for us to curate the very best of the city.\n \n \n \n \n \n \n \n \n \n \"Following a challenging two years for the retail and hospitality sector, we're delighted that all seven Time Out Markets around the world are open, and we're excited for Time Out Market's pipeline of future openings, scaling this successful format globally and driving growth.\"\n \n \n \n \n \n \n \n \n \n A spokesperson for Hankyu Hanshin ...