The Time Out Group has confirmed five new locations for its market hall concept at the announcement of the half-year results.
The first half of the year began for Time Out Market with increasing numbers of visitors and receipts in Lisbon
, although the market hall has been in existence since 2014. The five other venues, all of which started in 2019, continued to gain momentum
, the group's announcement continues. However, in response to global efforts to contain the spread of Covid-19, all markets were temporarily closed from 16 March 2020
. Immediate cost-cutting measures were introduced to mitigate the loss of revenue.
"We had productive discussions with our landlords and are grateful for their continued support by partially deferring rent
. While this still results in an accounting rent burden within the adjusted Ebitda, the agreements provide some liquidity protection as markets reopen and return to normal operating levels," reports the London-based Time Out Group.
Time Out Market, Montreal: A first in Canada
Own app introduced
Covid-19 has proven to be a catalyst for accelerating activities already in preparation, in particular the accelerated development and launch of the time-out market app,
which enables contactless transactions with ordering and payment at the table, delivery with a partner and pick-up.
The markets were adapted to comply with distance rules to protect guests and employees. The Lisbon and Montreal stores reopened in July, followed by New York, Boston and Chicago in August. The Miami store is expected to
reopen in the fourth quarter of
There are currently no delays in the planned new openings. However, Covid-19 may still delay the start of the five locations already signed up.
- Porto (owned and operated) - expected to open in the fourth quarter of 2021;
- London Waterloo (owned and operated) - opening expected in the first half of 2022;
- Dubai (management agreement) - Construction to start after a Covid-related break and opening expected in the first quarter of 2022;
- Prague (management agreement) - opening expected in 2023.
- London Spitalfields (owned and operated) - building permit application has been filed.
The Time Out Group (Market Halls and Media) reported a 24 per cent decline in turnover to £20.3 m
in the first half of the year,
resulting in a group-wide adjusted Ebitda loss of £8.8 m. Net revenues were down 36 percent to £15.8 m (2019: £24.7 m) due to the temporary closure of stores and the dramatic fall in travel and leisure advertising revenues in the media segment.
About Time Out
In 2014, the leisure magazine Time Out started its international expansion with the first of its market hall concept: the Time Out Market in Lisbon, which was awarded the Hamburg Foodservice Prize in 2018 - a market for regional food, gastronomy and culture. With around 4 million visitors per year, the market is one of Portugal's tourist attractions. In 2016, the market went public, bringing in £90 m in British pounds.