Time Out Market is looking to tweak its model in order to secure an opening in London, MCA has learnt.

The group has so far been left frustrated in its attempt to open a near 20,000sq ft site in Shoreditch, which would hold 450 people and include 17 food stalls, four bars and a cooking academy.

MCA understands that the company is now considering refining its model and looking at smaller space opportunities, with a format that would cater for c250 people and feature c10 F&B units instead.

It is thought the company is in talks on a site for the revised format that would work as a long-term pop-up for three to five years.

Earlier this year, the company said it would continue to look for new locations for its Market concept in London and internationally after its bid to open in Spitalfields was rejected.

Time Out Markets chief executive Didier Souillat told MCA the group was disappointed with the outcome, which came despite the recommendation from the Tower Hamlets Council’s planning department that the development be given the go-ahead.

Earlier this week, it announced that it would open a new Time Out Market in Boston in H1 2019. The group opened its first market in Lisbon in 2014, with another market set to open in Miami in 2018. The Lisbon market recorded a year-on-year revenue growth of 115% with some 3.1 million visitors.