Time Out Group plc announced that it has entered into a lease agreement with Klépierre Real Estate España S.L.U., a member of the Klépierre Group ("Klépierre"), to open a new Time Out Market (Market) in Barcelona with an expected opening date in the first half of calendar 2024. In addition to seven Markets already open, this new agreement increases the lineup of new sites to eight Markets in development which are set to open between 2023 and 2027, in addition to a robust pipeline of other locations in advanced negotiations. Time Out Market Barcelona will be located in the Maremagnum shopping and leisure destination in the Port Vell area which is close to landmarks such as the Gothic Quarter, the Barceloneta and connected to La Rambla via a pedestrian bridge used by 40 million people every year.

Klépierre is currently reshaping Maremagnum through redesign of all interiors, new shops and public spaces. Time Out Market will be located on the top floor of Maremagnum, with direct access from the street via escalator and elevator. Across 56,500 sq ft, the Market will showcase the city's best food, drinks and culture - based on Time Out's editorial curation, it will feature local up-and-coming culinary as well as cultural talent.

There will be a curated mix of 14 kitchens, a full-service restaurant, four bars (two indoor and two outdoor), an events space, a studio and an outdoor lounge. With around 1,000 seats indoor and al fresco, guests will get to enjoy fantastic views from the panoramic roof of the city, the marina and the Mediterranean. The ongoing global expansion of Time Out Market is focused on management agreements - of which two are already open and another six have been signed - under which the Group receives a share of revenues and profits (subject to a guaranteed consultancy fee) but does not contribute to the capital cost of the site.

In contrast, Time Out Market Barcelona is a lease agreement and as a result will be an Owned & Operated Market, with Time Out receiving 100% of site profits. The majority of the construction capex will be covered by a contribution from the landlord, as well as a sponsorship provided by beer brand Estrella Damm. The current pipeline for eight new Markets, in addition to seven existing locations, includes: Porto (2023 - Owned & Operated Market); Cape Town (2023 - Management Agreement); Barcelona (2024 - Owned & Operated Market); Vancouver (2024 - Management Agreement); Abu Dhabi (2025 - Management Agreement); Prague (2025 - Management Agreement); Osaka (2025 - Management Agreement); and Riyadh (forecast to open in 2027 - Management Agreement).