(Alliance News) - Time Out Group PLC on Thursday said it has entered into a management agreement with real estate developer Hankyu Hanshin Properties Corp to open a new Time Out Market in Japan.
The London-headquartered media and hospitality business said this is its fifth management agreement and its first in Osaka, Japan.
The market is expected to open in the Umekita Second Zone development in 2025. Once complete the development will host offices, hotels, commercial facilities, a municipal park, and housing.
Time Out said the market will "showcase" the city's food, drinks, and culture and will span over 31,000 square foot.
Co-Chief Executive Didier Soulliat said: "Following a challenging two years for the retail and hospitality sector, we're delighted that all seven Time Out Markets around the world are open, and we're excited for Time Out Market's pipeline of future openings, scaling this successful format globally and driving growth."
Shares in Time Out were trading 1.9% lower at 49.30 pence in London on Thursday.
By Sophie Rose; sophierose@alliancenews.com
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Time Out (TMO)