Time Out Group has reported a surge in visitor numbers to its debut market in Lisbon as it closes in on a London site.
The Mercado da Ribeira in Portugal’s capital, which opened in early 2014, saw year-on-year revenue growth of 106% with 1.3 million visitors passing through in the six months to 30 June.
Total tenant turnover at the site grew from £5.3m in H1 2015 to £7.7m this year.
In an update to the market this morning, the group said it was in advanced discussions in London and Porto, and progressing well in New York and Miami. MCA understands that the group has been in talks on a site around the Old Street/ Shoreditch area for its UK debut.
The group said: “Time Out Market is a physical, curated platform which brings together a city’s best restaurants, food shops, and culture under one roof. At the time of the IPO, the Group acquired the Time Out Market business comprising the market in Lisbon and a central team who are developing the format for expansion into further cities worldwide.
“The performance of the market in Lisbon has been very encouraging with record numbers of visitors and top ratings on review sites, contributing to a doubling in revenues YoY. The Lisbon market’s strong revenue growth is ahead of expectations and has been profitable in each month of 2016.”