Shopping Centers Today

JUL 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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18 S C T / J U L Y 2 0 1 8 S T O R E F R O N T S next evolution of food halls — and that is branded food halls," said Brown. Creating a branded food hall will be tricky, because among the things that make food halls so successful is that they offer authentic, local experiences different from those of typical national chains or of processed-food options. Time Out Group's global reputation in identifying trendy dining-and-en- tertainment spots could give the com- pany an edge, some speculate. "Time Out is so well known that it automat- ically builds in a huge travel compo- nent for foot traffic," said Brown. Time Out Market New York will open in the historic Empire Stores building, in Brooklyn, N.Y. The two-level, 21,000-square- foot space includes a rooftop area offering views of the Brooklyn Bridge and the Manhattan skyline. And Time Out Market Miami will operate in South Beach. Time Out also continues to seek sites in London that could open next year or the year after. "The venues we are looking for need to be a reflection of the city, in a vibrant neighborhood." n mixologists and artists in each city, Souillat says. "What is being offered in Time Out Market must have been reviewed with four or five stars — and not one star less — by an inde- pendent panel of city experts: Time Out's own journalists." Each Time Out Market will offer between 15 and 25 restaurants across a variety of categories, includ- ing pizza, burgers, tacos, patisserie and seafood. Time Out Markets aims to offer food that is both high-quality and affordable. "The Time Out Market in Lisbon is, if not the top food hall in the world, certainly one of them," said Garrick Brown, head of Americas retail research for Cushman & Wakefield. "Since it opened, it has gotten a huge amount of acclaim." And yet Time Out Market is likely to face an increasingly competitive market in the U.S. There were 118 food halls operating in the U.S. at the end of 2017, according to Cushman & Wakefield, and the firm predicts that the number will nearly triple by the end of 2020. New York City alone has about 30 such food halls. "They are going to be part of the V isit the Time Out website or app for dozens of major metros around the globe and you will find a list of picks for the best brunch spots, the top venues for live music, and more. Now the Time Out edi- tors are employing their expertise to curate a selection of "best of the best" tenants to fill the company's own bur- geoning food-hall business. London-based Time Out Group opened its first Time Out Market in May 2014, in Lisbon, Portugal, and drew some 3.6 million visitors last year. Now the group is intro- ducing these food-and-culture mar- kets in select U.S. cities: Two Time Out Markets are to open in the fourth quarter — one each in New York City and Miami — and two more will fol- low next year, in Boston and Chicago. "Time Out has always been about inspiring and enabling people to experience the best of the city,» said Didier Souillat, CEO of the Time Out Market concept. "With Time Out Market, we're taking this to the next level. It is the evolution of the Time Out brand." The Time Out team intends to work with prominent chefs, restaurateurs, Another reason to go out Time Out magazine is opening more of its namesake food halls By Beth Mattson-Teig

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