LONDON (ShareCast) - (ShareCast News) - Following on from success with a similar venture in Portugal, magazine publisher Time Out is to open a market in Shoreditch, east London to show off its skills in identifying the best cuisine, cocktails and cultural experiences.
The AIM-listed group has signed a conditional lease for a new market at 106 Commercial Street, subject to planning permission, following on from its flagship market which opened in Lisbon in May - and with plans in the pipeline for similar markets in New York and Miami.

The 19,250 square feet site, which is just across the road from Spitalfields Market, will house 17 restaurants as well as a cooking academy, four bars, a shop and an art gallery, which is expected to open in the second half of 2017.

Time Out will provide tenants with facilities, equipment and support services in exchange for a share of revenues, while it will directly manage all four bars.

In the first six months of the year, the Lisbon market reported year-on-year pro forma revenue growth of 106% with 1.3m visitors and has broken even in each month of the current financial year.

Didier Souillat, chief executive of Time Out Market, said: "Since 1968 Londoners have relied on Time Out to help them discover what this amazing city has to offer. With Time Out Market we're taking this to the next level as we will bring together under one roof London's finest cuisine, best cocktails and cultural experiences, based on the editorial curation we've always been known for.

"Our focus is to work with London restaurateurs, mixologists, artists, and provide them with the opportunity to showcase their talent in a different, hot and eclectic part of town, Shoreditch, in a space full of character, at the heart of the local community."

Julio Bruno, chief executive of Time Out Group, said the Shoreditch market will be "a uniquely designed location to capture the very soul of this great city".

Shares in Time Out Group were up 1.08% to 140.50p at 0843 BST.

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