Time Out Market has appointed Gillingham Bell International as its global real estate partner increased its number of food hall and cultural markets, CoStar News can reveal.
Time Out Market describes itself as the world’s first "editorially curated" food and cultural market, by basing the food, drink and experiences at the sites on the editorial curation of Time Out magazine, which started as a media brand in 1968.
There are seven Time Out Markets open and a another eight signed with expected opening dates between 2023 and 2027. It says there is a pipeline of other locations in advanced negotiations. As part of its expansion strategy, Time Out Market is focusing on management agreements with landlords and real estate developers.
In London Time Out Market has lodged plans for a market in Spitalfields at 106 Commercial Street -after dropping plans for a first market in the capital in Waterloo during the pandemic.
Gillingham Bell’s remit will span targeting new sites worldwide and expanding relationships with commercial landlords and global real estate developers.
Jay Coldren, Time Out Market co-chief executive (development), said the group has built a robust lineup of new markets and interest from landlords and developers who want to make Time Out Market an anchor of their properties.
"We are in advanced negotiations to grow our pipeline further and continue to be open to conversations. That’s why we are excited to bring on board Gillingham Bell International who will collaborate closely with our team as we expect to accelerate the rate of signings. We have established various proven models for our markets and we always evolve what we can offer our partners, while staying true to what has driven the success of Time Out Market.”
Nigel Gillingham, co-founder of Gillingham Bell, added: “At a time when food halls become increasingly popular, Time Out Market is spearheading this trend and stands out as it is not only creating outstanding culinary but also cultural experiences, all backed by a strong global media company. This appeals to real estate companies who seek to turn their space into a premium environment – something this highly recognised, leading global food hall brand has the ability to deliver.”
Time Out Group is a global media and hospitality business that launched in London in 1968. Its journalists now cover 333 cities in 59 countries. Time Out Group is listed on the AIM.
There are seven Time Out Markets in Lisbon, Miami, New York, Boston, Chicago, Montreal and Dubai. The pipeline for new Time Out Markets is:
● Porto, 2023, owned and operated
● Cape Town, 2023, management agreement
● Barcelona, 2024, owned and operated market
● Vancouver, 2024, management agreement
● Abu Dhabi, 2025, management agreement
● Prague, 2025, management agreement
● Osaka, 2025, management agreement
● Riyadh, forecast to open in 2027, management agreement