Time Out Food Hall Model
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Time Out leveraged their restaurant review brand to create food halls that bring together the best local restaurants in tourist destinations. Each location features around 20 popular vendors under one roof, allowing visitors to sample multiple iconic local dishes in a single venue.
Key Points:
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Business Model:
- Convert Time Out's restaurant reviews/recommendations into physical food courts
- Curate ~20 of the most popular local restaurants into single location
- Each restaurant operates a stall in the food hall
- Currently operating in 7 markets (Lisbon, Miami, New York, Boston, Chicago, Montreal, Dubai)
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Financial Performance:
- Each location generates ~$3M in revenue
- Total market revenue was $23M in 2019 (pre-pandemic)
- Dropped to $12M in 2020 during pandemic
- Company market cap is $168M
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Growth Potential:
- Current 7 locations with more planned (Prague and others)
- Could expand to 50-80 tourist cities
- Successful proof of concept for digital media company diversifying into physical locations
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Customer Experience:
- Allows tourists to try multiple iconic local foods in one place
- Eliminates need to travel across city for different famous dishes
- Popular with young, hip crowd despite Time Out's traditional brand image
- High repeat visitor rate due to variety of options
Sam Parr
Host of MFM and fitness influencer
Sam Parr is a serial entrepreneur and business media pioneer.
In 2016, he founded The Hustle, a business news media company that started in his kitchen with just $12 and grew to eight figures in revenue.
Sam led the charge in making newsletters popular when few believed in their potential.
After four successful years, he sold The Hustle to HubSpot, a publicly traded company. Now operating as HubSpot Media, The Hustle reaches 3 million readers daily, employs a team of nearly 100, and has been the launchpad for dozens of its staff to found their own media companies and newsletters.
Sam remains the host of the popular business podcast, My First Million, and continues to start and sell companies. He also co-founded Hampton, a highly vetted community for entrepreneurs, founders, and CEOs, and teaches people to write better through his platform, Copy That.