New Time Out Market - Osaka (Mgmt Agreement)

RNS Number : 0019M

Time Out Group plc

19 May 2022

 

19 May 2022

Time Out Group plc

("Time Out", the "Company" or the "Group")

New Time Out Market - Osaka management agreement

Time Out Group plc (AIM: TMO), the global media and hospitality business, today announces that it has entered into a management agreement with real estate developer Hankyu Hanshin Properties Corporation, to open a new Time Out Market ("Market") in Osaka.

This is Time Out Market's fifth management agreement and its first location in the region, enabling further global expansion of this successful food and cultural market.

Time Out Market Osaka is expected to open in the Umekita Second Zone development in 2025. The Umekita Project, in the Umeda area of the city, is a large-scale development at the former cargo yard in front of Osaka Station. Once complete, it will establish an urban complex with offices, hotels, commercial facilities, a municipal park and housing.

Time Out Market Osaka will showcase the city's best food, drinks and culture, and will span over 31,000 square feet, and include 15 of Osaka's best chefs and restaurateurs, and two bars.

Under the agreement, Time Out receives a share of revenues and profits (subject to a guaranteed consultancy fee) but does not contribute to the capital cost of the site. Time Out's primary responsibility is branding, curation and day-to-day consultancy advice on operations.

Didier Souillat, Co-CEO of Time Out Market, commented: "We look forward to working with Hankyu Hanshin Properties Corporation to bring the best of Osaka's homegrown cuisine and culture together under one roof. 2025 is set to be an exciting year in Osaka, with all eyes on the city as it hosts the next World Expo, so it is perfect timing for us to curate the very best of the city.

"Following a challenging two years for the retail and hospitality sector, we're delighted that all seven Time Out Markets around the world are open, and we're excited for Time Out Market's pipeline of future openings, scaling this successful format globally and driving growth."

A spokesperson for Hankyu Hanshin Properties Corporation, added: "The Umekita Second Project is a large-scale development project in the heart of Osaka, with the aim of creating a next-generation town centred on a park that is unparalleled in the world. The new station to be built in the development area will serve as a gateway for welcoming customers from around the world.

"Time Out Market Osaka is expected to be a place where visitors from Japan and abroad can not only find gourmet food that they should experience in Osaka, but also where people living and working in the neighbourhood can interact with people from around the world through gourmet food. Osaka is well known as a city of "kuidaore" ("too much good food to eat") in Japan, and we are excited to be able to introduce Osaka's gourmet food and culture that is still largely unknown to the world."

Time Out Market is the world's first editorially curated food and cultural market, bringing the city's best chefs, restaurateurs and unique cultural experiences together under one roof. The first Time Out Market opened in 2014 in a historic market hall in Lisbon, quickly turning into the most popular destination in the city with over 4m locals and tourists visiting in 2019. The success of Lisbon brought further expansion in North America, with Time Out Market opening in five major cities in 2019: Miami, New York, Boston, Montreal and Chicago. In 2021, Time Out Market expanded into the Middle East with Time Out Market Dubai, and more Time Out Market locations are in the pipeline including Porto (2022/23), Abu Dhabi (2024), Prague (2025), Osaka (2025), London (tbc) and more.

-ENDS-

For further information, please contact:
Time Out Group plc	Tel: [phone]
Chris Ohlund, CEO
Steven Tredget, Investor Relations Director
Liberum (Nominated Adviser and Broker)	Tel: [phone]
Clayton Bush / Andrew Godber / Edward Thomas
FTI Consulting LLP	Tel: [phone]
Edward Bridges / Stephanie Ellis / Fiona Walker

Notes to editors

About Time Out Market

Time Out Market is the world's first editorially curated food and cultural market, bringing a city's best chefs, restaurateurs and unique cultural experiences together under one roof. From cooking classes with top chefs to installations from local artists and live entertainment, Time Out Market captures and celebrates the soul of the city.

The first Time Out Market opened in 2014 in a historic market hall in Lisbon, quickly turning into the most popular destination in the city with over 4m visitors a year. The success of Lisbon brought further expansion in North America, with Time Out Market opening in five major cities in 2019: Miami, New York, Boston, Montreal and Chicago. In 2021, Time Out Market expanded into the Middle East with Time Out Market Dubai, and more Time Out Market locations are in the pipeline including Porto, Abu Dhabi, Prague, Osaka, London and more.

Time Out Market is part of Time Out Group PLC (LSE: AIM), the global media and hospitality business that inspires connection and joy by capturing the soul of the world's greatest cities.

About Hankyu Hanshin Properties Corp.

Hankyu Hanshin Properties is part of the Hankyu Hanshin Holdings Group and is involved in the real estate business.

Over its long history of more than 100 years, the Hankyu Hanshin Holdings Group has proposed affluent lifestyles to people through its railway, real estate and entertainment businesses, and has contributed to the creation of attractive railway lines and urban development.

Hankyu Hanshin Properties is currently expanding its business field to other parts of Japan and the world, centering on the Kansai region, including the management of commercial facilities, office buildings, and residential development.

In the Umeda area of Osaka, which is a particularly important business base, we are involved in many real estate operations and large-scale mixed-use development projects, including the Umekita Second phase project. Not only in the real estate business, we are actively leading the area management of Osaka Umeda and contributing to the creation of an attractive city that attracts people from all over the world.

 

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