Time Out Group signs deal to open market in Prague
Media and entertainment business Time Out Group has entered into a management agreement with CRESTYL Group to open a new Time Out Market in Czech capital Prague, it announced on Thursday.
The AIM-traded firm said it was its second management agreement for a Time Out Market, enabling further global roll-out of the successful food and cultural market.
It said Czech development firm CRESTYL Group would invest in the development and operation of the entire Time Out Market Prague site, and would obtain all necessary planning and licencing consents.
As part of the long-term management agreement, Time Out Group would receive a guaranteed management fee, and have primary responsibility for branding, curation and day-to-day operation of the site.
With its opening expected at the end of 2021, Time Out said the Time Out Market Prague venture would be located “at the heart” of the historic city centre in the Savarin - a project by CRESTYL Group to redevelop the prime downtown area and busy neighbourhood around the Wenceslas Square.
Time Out described it as the city's main retail area and cultural centre, attracting more than 150,000 people daily.
Upon opening, Savarin was reportedly set to become Prague's prime shopping experience, culinary destination and commercial hot spot, with extensive office space.
Across 25,000 square feet, Time Out Market Prague would accommodate around 465 seats indoors and 120 outdoors.
There would be 14 food offerings, two bars, a speakeasy lounge, a cultural space and a retail shop.
“We are pleased to have partnered with CRESTYL Group, entering into our second management agreement for Time Out Market,” said Time Out Group chief executive officer Julio Bruno.
“This allows us to further expand our incredibly successful format around the world.”
Bruno said it was “another great milestone” in the transformation of Time Out into a global media and entertainment brand, with both a digital and physical presence.
“Within just a few years, Time Out Market has become a recognised and visionary global brand in the hospitality sector - we are very proud to bring Time Out Market to the beautiful city of Prague.”