Time Out markets set to close in two major cities blaming drop in footfall and rising in costs

Time Out markets have closed in Chicago and Boston as the global food and cultural hall company blames a drop in footfall and rising costs.

Customers will have until January 23 to enjoy the Time Out markets before they shutter for good.

The Boston market, which takes up 27,000 square feet in the Fenway neighborhood, includes 15 eateries, two bars, a patio and a video-installation wall. The Chicago market is even bigger at 50,000 square feet. Located in the Fulton Market District, the market has 15 eateries, three bars, a rooftop terrace and a video-installation wall.

Both markets opened in 2019, but then got hit by the Covid-19 pandemic, which saw stores and restaurants close, at least temporarily, while Americans stayed home to stop the spread of the virus.

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Michael Marlay, CEO of Time Out Market, said in a statement that after the pandemic, the company has seen the Chicago and Boston markets “recover and grow, and we have focused on initiatives driving further growth.”

But Maraly said “footfall until today remains inconsistent in the area due to ongoing hybrid working and in addition, operating costs have increased – all of which prevents consistent profitability.”

There are still two Time Out markets in New York City and others around the world. Despite closing its Chicago and Boston locations, Time Out plans to open markets in Vancouver, Abu Dhabi, Riyadh and Prague.

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The Independent has reached out to Time Out for comment.

“It has been an honour to serve Chicago, and we have loved our time here—Chicago is a fantastic city with outstanding food and cultural scenes,” Time Out said. “We want to thank our team, our chefs and restaurateurs who truly are the best of the city. It is thanks to all of them that the Chicago Market has been a wonderful place for our guests whom we also would like to thank wholeheartedly.”

Time Out gave a nearly identical statement to pay tribute to its Boston market.