Time Out plans Cape Town market

Time Out is opening a seventh Market in Cape Town, South Africa. The global media and hospitality group has entered a management agreement with V&A Waterfront Holdings. The new Market will open at the end of next year with 750 seats, 14 chefs and restaurants, four bars and a stage across a 27,000 sq ft space. Guests will be able to sit indoors or on the quayside, against the backdrop of Table Mountain. Chris Ohlund, chief executive of Time Out Group, said: “The location at the V&A Waterfront is breathtaking, alongside being one of South Africa’s most visited destinations.” V&A Waterfront, on Cape Town’s Atlantic shore, is the oldest working harbour in the Southern Hemisphere, redeveloped as one of the city’s top destinations. It attracts more than 20m visitors each year. David Green, chief executive of V&A Waterfront Holdings, said: “Time Out Market coming to our city reaffirms Cape Town as one of the world’s leading tourism destinations. We are looking forward to the vibrant offering and another way of showcasing local culinary expertise.” The deal is Time Out’s seventh Market, its sixth management agreement, and its first location in Africa. A further six locations have been signed, with a total of 13 Markets set to be open by 2025 across eight countries and four continents. Time Out said it had a “significant pipeline of further locations in advanced discussions”. Ohlund said: “We continue to receive interest from landlords around the world who want to bring Time Out Market to their city as part of a management agreement. The appeal of the Markets for the world’s leading real estate companies is proof of the strength of the format and the brand, and represents growth opportunities for Time Out Group.” Under a management agreement, Time Out Market 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 Market’s primary responsibility is branding, design, curation and day-to-day operational management. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews Image © Stephen Lovekin/Shutterstock