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Time Out to open next market in Montreal
Publishing business Time Out Group has entered into a management agreement with real estate company Ivanhoé Cambridge to open a new Time Out Market in Montréal, it announced on Wednesday.
The AIM-traded firm said that would allow further global expansion of Time Out Market with no capital expenditure to the group.
Under its first management agreement, Time Out Market's partner Ivanhoé Cambridge would invest to provide a complete environment for Time Out Market to operate.
The group said it would receive a guaranteed management fee and a share of profit in return for operating Time Out Market Montréal, with primary responsibility for branding, curation and day-to-day management.
The first Time Out Market opened in Lisbon in 2014, and was now that country's most popular attraction with 3.6 million visitors in 2017.
Following that success in Lisbon, Time Out Group said it was rolling out the concept globally and now jad five new sites in the pipeline over the next 18 months.
Time Out Market Montréal would be located in the Centre Eaton de Montréal on Sainte-Catherine Street.
At the centre of downtown Montréal, the location was described as a popular retail and business hub, attracting millions of locals and visitors every year.
Time Out Market Montréal would occupy 36,000 square feet, accommodating around 550 seats.
There would be a curated mix of 16 food offerings, two bars, a demo kitchen, a cooking academy, a retail shop and a cultural stage.
"We are delighted to announce our first management agreement for Time Out Market," said group CEO Julio Bruno.
"It allows us to accelerate our global expansion, grow our brand and drive additional revenue.
"The fact that Ivanhoé Cambridge chose us as strategic partner and will make a significant investment to bring Time Out Market to Montréal is proof of the strength of the format and the brand."