Media and hospitality group Time Out’s international expansion plans are in full swing. It was announced today a new Time Out market is set to open in Budapest in 2025.
To add to its existing seven food and drink markets, the London-listed company also has plans to open eight other sites in the next three years, including in Porto, Barcelona and Bahrain this year.
Along with Budapest, Time Out will also open markets in Osaka, Vancouver and Abu Dhabi in 2025, as previously announced. And, in 2027, the British business that began as a magazine, will also start operating in Prague and Riyadh.
Ironically, it currently has no London market, after a six-year dispute over planning permission costing £1m led the firm to pull out of a potential spot in the Spitalfield market.
Chris Ohlund, chief executive of Time Out said: “Budapest is amongst Europe’s most beautiful cities in which both locals and tourists love to go out – to open a Time Out Market in one of the city’s top locations, together with our partners in Budapest, is very exciting for us.
“Budapest offers both traditional, classic and modern, hip elements – it has a vibrant and diverse food scene which we will bring together under one roof at Time Out Market Budapest.”
Located within the historic Corvin Palace, a landmark dating back to 1926, Time Out Market Budapest will occupy a sprawling space of approximately 25,000 square feet indoors and extra space outdoors on the rooftop.
It will have 14 kitchens, four bars, and an event space, accommodating around 800 guests.
Oliver Balogh and Viktor Balogh of Corvin Food Market Kft and minority owners of Corvin Palace added: “Corvin Palace is the oldest department store in Budapest – we are proud to have now brought it back to its original glory, whilst creating value through a modern mixed-use of this legendary building.
“This is an ambitious project, so our goal was to include an iconic food and cultural market to complement the high-quality retail and leisure offerings as well as a hotel already signed – we are delighted to be welcoming Time Out Market Budapest to Corvin Palace soon.”
Two years ago the business announced it would scrap its London magazine and shift to an online website instead, as a result of the pandemic.
Time Out has since been ramping up its digital presence, as well as turning its focus to its hospitality arm.
In March, it said group adjusted pre-tax earnings grew 151 per cent year-on-year to £6m but it reported an overall operating loss of £0.1m.