Time Out has signed a lease for a new hipster market in Boston

 
Courtney Goldsmith
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A rendering of Time Out's Boston market shows an array of eateries
A rendering of Time Out's Boston market shows an array of eateries (Source: Time Out)

Time Out Group has signed a lease agreement for a new Time Out Market - its second deal to launch one across the pond.

The Aim-listed company said it was opening its second confirmed Time Out Market in Boston, following the continued success of its flagship market in Lisbon, Portugal, which opened in May 2014 and posted year-on-year revenue growth of 115 per cent in 2016. A market in Miami, Florida, is set to open in 2018.

The Boston branch, which will be set in a historic warehouse in the Fenway neighbourhood, is expected to be 21,500 sq ft, with 3,700 sq ft of outdoor space. It will accommodate 532 seats indoors and 120 seats outdoors, with 16 food offerings, two bars, a cooking academy and a retail shop.

Read more: Time Out boosts revenues but losses more than double due to investment

The market is expected to open in the first half of 2019.

Time Out announced plans to open its first London market a year ago, but it was hit by delays earlier this year after the Tower Hamlets council rejected the company's proposal.

Opening new markets is a core part of the company's growth strategy, said Julio Bruno, chief executive of Time Out Group. Bruno said adding Boston to the company's portfolio was "another great milestone".

Of the new site, Didier Souillat, chief executive of Time Out Market, said: “We are pleased to have found such a wonderful site in Boston for Time Out Market with a landlord that shares our values. The art deco building is woven into the fabric of Fenway; a workspace, cultural hub and playground for professionals, students and tourists alike – it is a fantastic back drop for Time Out Market within a high footfall area."

Read more: Time Out owner Oakley moves up in analysts' books

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