28 March 2018
Time Out Group plc
("Time Out", the "Company" or the "Group")
Announces new Time Out Market in New York City
Time 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 New York.
Located at 55 Water Street, Empire Stores in Brooklyn's Dumbo neighbourhood, Time Out Market New York is expected to open in Q4 2018. Built between 1869 and 1885 as a coffee storehouse, the historic Empire Stores have retained their original brick and timber features; recently redeveloped, they have been transformed into a highly desirable retail, office and commercial space. With its unique waterfront position right by the East River, between Brooklyn Bridge and Manhattan Bridge, Time Out Market New York will be at the heart of an increasingly popular area for locals and visitors.
Time Out Market New York will occupy 21,000 sq ft over two distinctive floors of Empire Stores, accommodating around 520 seats indoors and outdoors. There will be a curated mix of 20 food offerings, three bars, a stage for cultural activities and exhibition space - all representing the very best of New York. The Time Out Market rooftop on the fifth floor will offer impressive views of the East River, the two iconic bridges and Manhattan's skyline.
Time 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. The first Time Out Market opened in 2014 in Lisbon and saw 3.6 million visitors in 2017. This month, it received an international award recognising Time Out Market Lisbon as one of the most visionary concepts in the European food service sector.
The Group is now rolling out Time Out Market globally with new sites set to open in Miami in Q4 2018 and in Boston and Chicago in 2019.
The lease agreement for Time Out Market New York is conditional on obtaining a license approval and building permits.
Julio Bruno, CEO of Time Out Group plc, stated:
"New York has been home to Time Out since 1995, and millions of people - locals and visitors - use our website and read our magazine to make the most of the city. Now we have a breathtaking location for Time Out Market in New York. It will offer not only the city's best food, drinks and culture, but also one of the city's best views.
"Time Out Market has proven to be a real success story and that is why we have an exciting pipeline for new Time Out Market openings in some of the world's most amazing cities. I have lived and worked in New York City for many years and today I feel very proud that we are bringing this unique experience to this city."
Didier Souillat, CEO of Time Out Market, commented:
"With Time Out Market we are bringing something new and unique to New York. It is a culinary and cultural experience that can't be found anywhere else, based on editorial curation. It will be located in a space full of character, history and authenticity.
"There aren't many cities in the world that offer such an incredible food scene and cultural life like New York - our experienced team of editors will select and invite the city's best to make Time Out Market a must-see destination in this vibrant neighbourhood."
For further information, please contact: |
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Time Out Group plc |
Tel: +44 (0)207 813 3000 |
Julio Bruno, CEO |
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Steven Tredget, Investor Relations Director |
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Liberum Capital Limited (Nominated Adviser and Broker) |
Tel: +44 (0)203 100 2222 |
Steve Pearce / Jill Li |
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FTI Consulting LLP |
Tel: +44 (0)203 727 1000 |
Edward Bridges / Stephanie Ellis / Emma Hall |
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Notes to editors
About Time Out Group plc
Time Out Group is the leading global media and entertainment business with a content distribution network comprising digital, mobile, apps, social media and print and a physical presence via Live Events and Time Out Market. Using these platforms and its well-established global brand, Time Out seeks to inspire and enable people to make the most of a city, through curated content around food, drink, music, theatre, art, travel and entertainment. Time Out, listed on AIM and headquartered in the United Kingdom, is present in 108 cities in 39 countries and has an average global monthly audience reach of 217 million.
