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Time Out Group PLC on Friday said it will open its first market location in Africa in a ‘milestone’ agreement with V&A Waterfront Holdings Ltd.
The global media and hospitality business owns Time Out Media and Time Out Market, the latter of which is the world's first editorially curated food and cultural market, designed to bring a city's best chefs, restaurateurs and unique cultural experiences together under one roof.
Under the terms of a management agreement, Time Out will open a new market towards the end of 2023 at the V&A waterfront in Cape Town, which already attracts over 20 million visitors per year, and is the oldest working harbour in the Southern Hemisphere.
The market is expected to host a curated mix of 14 chefs, 4 bars and 1 stage, with approximately 750 seats for guests.
Time Out Market will receive a share of revenues and profits, subject to a guaranteed consultancy fee, but will not contribute to the capital cost of the site. Its primary responsibility is branding, design, curation and day-to-day operational management.
Chief Executive Officer Chris Ohlund said Time Out was continuing to receive interest from landlords around the world who want to bring the market to their city.
There are already seven Time Out markets open across the globe, with a further six signed and a ‘significant pipeline’ of further locations in advanced discussions.
‘Bringing Time Out Market to Cape Town is an exciting step as we continue to drive the global expansion of our food and cultural market,’ Ohlund added.
Chief Executive Officer of V&A Waterfront, David Green, commented that the arrival of Time Out Market reaffirmed Cape Town ‘as one of the world's leading tourism destinations.’
Time Out shares were untraded in London on Friday afternoon, last quoted at 35.75 pence each.
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