Comprising Time Out Media and Time Out Market, Time Out Group is a leading global media and hospitality business that inspires and enables people to discover and experience the very best that a city has to offer. In this interview we get a unique chance to speak with Jay Coldren, Co-CEO of Time Out Market (Development) to learn more about the fascinating concept Time Out Market and what it offers patrons.
The idea of uncovering the very best of what a city has to offer has been at the forefront of Time Out’s thinking since it began life 55 years ago. Today, the brand is the only global one dedicated to city life and they have expert journalists curating and creating content about the best things to Do, See and Eat across 333 cities in 59 countries via websites, mobile, social media, video and live events.
The concept of Time Out Market is deeply connected to this heritage and it represents a perfect brand extension. It was Time Out Lisbon’s editorial team who came up with the idea to bring the brand ethos to life in a physical space by bringing the best for the city together under one roof and thus, Time Out Market was created, becoming the first food and cultural market based on editorial curation.
After opening its first site – Time Out Lisbon – in 2014 to great success, the concept has since grown to seven Markets currently operating around the world. In 2019 Time Out Market Miami, New York, Boston, Montreal and Chicago opened and Dubai followed in 2021.
New York, US
The business currently has two different operating models for Time Out Market: Owned & Operated (O&O) and Management Agreements – the latter is what they are mostly focusing on at the moment.
“New York is a great example of an O&O Market. It is an iconic location in Dumbo, Brooklyn that occupies two floors of the historic Empire Stores. The ground floor hosts culinary concepts and two bars and the fifth floor there are additional chef-driven eateries, a bar, a stage for cultural experiences and an outdoor rooftop overlooking the East River, offering spectacular views of Manhattan’s skyline, Brooklyn Bridge and Manhattan Bridge.
“Meanwhile the most recent Management Agreement Market which we opened in 2021 is Time Out Market Dubai, together with Emaar Malls. It is located in the Souk Al Bahar with incredible views from a large wraparound outdoor terrace which overlooks the Dubai Fountain and the Burj Khalifa. Fully licensed, the concessions are complemented by three bars. Within a short time, it has become a key culinary and cultural destination in the region thanks to an outstanding curation of home-grown chefs and restaurateurs which is reflective of Dubai’s hospitality scene which goes from strength to strength,” explains Jay Coldren, Co-CEO of Time Out Market (Development).
In addition to the seven that are already open, there are seven new locations that are signed for and due to open in the coming years, the next three confirmed to launch are the sites in Porto and Cape Town later this year and Vancouver in 2024.
Another exciting edition to the portfolio was announced at the end of last year the company entered into a Management Agreement with Diriyah Gate Development Authority to create a new Time Out Market in Riyadh at Diriyah Square, the commercial, retail and lifestyle centre of the 5.5 square mile Diriyah development.
Bringing Riyadh’s best chefs, restaurateurs and cultural experiences together under one roof, the Market will be positioned across 95,000sq ft and two levels, featuring 23 kitchens, five beverage serveries, multiple stages, event and exhibition spaces, a demonstration kitchen, kitchen academy and kitchen lab.
“It is our ambition and strategy to open more Time Out Markets around the world. Interest from possible partners in our proposition continues to be strong and we are in advanced negotiations – and open for conversations – with landlords and real estate developers around the globe,” Coldren exclaims.
Food halls have grown exponentially in recent times and Time Out Market spearheads this growing global trend by consistently evolving their tried-and-tested concept while at the same time staying true and committed to what makes the brand such an exciting destination.
As the topic of conversation moves to social media, the Co-CEO highlights that this is a very important area for the business and that they have close to 350,000 followers across Time Out Market’s Instagram channels alone. He explains that it is a great medium to showcase the happenings at the Markets, celebrate their vendors, their food and engage with their customers. As well as engaging with local audiences, social media offers a global company such as Time Out Market the chance to highlight their communities across all of their channels to give them a worldwide platform, whether that is related to their chefs, their entertainers or their artists.
Boston, US
Social media is one of many ingredients that make up the secret sauce of Time Out Market’s success, argues Coldren, but he feels at the heart of everything is the pivotal curation of a city’s best culinary and cultural talents, complemented by a compelling bar menu.
“To further differentiate and drive footfall, each Market has a unique design as well as an exciting programme of cultural activations and entertainment. When you visit one of our Markets, you really get a true taste of the city. Underpinning everything is a keen sense for talent, quality, creativity, collaboration, local execution and a desire to make sure that our customers have an amazing time,” Coldren explains.
Whilst Jay is still on the line, we ask him what lies ahead and what he perceives to be the greatest challenge facing the group moving forward.
“We are keen to drive commercial innovations – we love the challenge of unlocking further opportunities and expanding as well as constantly evolving our offering. Like all companies at this time, we recognise the near-term wider economic outlook but remain optimistic given the progress and growth we have seen across our Time Out Market business, the appeal of our concept for landlords as well as real estate partners and our growing pipeline of new locations which drive recurring long-term revenue for us.”
