Wednesday 12 October 2016 8:21 am

Time Out to open first London market in Shoreditch next year following success of Lisbon venue

Time Out will launch its first London market in Shoreditch next year, the magazine publisher-turned-entertainment group announced today.

The London market will follow the same model as the group's flagship venue in Lisbon, Portugal, which opened in May 2014.

The 19,250 square foot space on Commercial Street will hold restaurants, bars, shops, an art gallery and a cookery school, all based "on Time Out's editorial curation", and will open during the second half of next year.

Time Out, which listed on London's junior market over the summer, recently signed a lease to open its second market in Portugal, in the town of Porto, and is planning to open its first US markets in New York and Miami.

In the first six months of this year, the Lisbon market reported revenue growth of 106 per cent and had 1.3m visitors.

It's thought London will become the flagship market for Time Out as it targets global expansion of the venues to offset struggling revenues from its traditional publishing business.

Chief executive Julio Bruno said:

I'm absolutely delighted to announce that we will be bringing our unique Time Out Market format to London. This is not only one of the world's most vibrant and exciting cities, but also the birthplace of our iconic brand. Opening a Time Out Market here is an incredible milestone for our brand and our growth strategy.

Inspiring and enabling people to experience the best of a city is at the heart of everything we do. Now we're bringing this ethos to life in Time Out Market which we believe Londoners and visitors are going to love. It will be a uniquely designed location to capture the very soul of this great city.