Catering equipment suppliers looking for the next golden sales opportunity could find themselves heading to Shoreditch in 2017 after it was revealed as the location for a new food market housing 17 food stalls, a cooking academy and four bars.
The market is the brainchild of Time Out Group, the magazine and website publisher, which has signed a conditional lease agreement on the Commercial Street site. It is just waiting on planning permission but said it anticipates the market opening during the second half of next year.
Time Out will provide tenants with the facilities, equipment and support services in exchange for a share of revenues, while bars will be directly managed by the group.
It will be the first Time Out Market in London, following the success of its flagship market in Lisbon, which opened in May 2014, and its newly signed lease in Porto.
In the first six months of 2016, the Lisbon market reported strong year-on-year proforma revenue growth of 106% and attracted 1.3 million visitors. Bosses say EBITDA has been positive in each month of the current financial year.
The London location is expected to have a footprint of 19,250 sq ft, accommodating 450 seats, 17 restaurants, a Cooking Academy, four bars, one shop and one art gallery.
With plans for new markets progressing well in New York and Miami, the group is making significant progress in rolling out the ‘Time Out Market’ format, which is part of the group’s growth strategy outlined at the time of its IPO.
These efforts will expand Time Out’s international presence and raise the profile of the brand, which currently has a monthly global digital audience reach of 137 million.
Julio Bruno, CEO of Time Out Group, said it would bring a “unique” format to the UK dining scene. “This is not only one of the world’s most vibrant and exciting cities, but also the birthplace of our iconic brand. Opening a Time Out Market here is an incredible milestone for our brand and our growth strategy.”