Overview
- The Boston hall at 401 Park in Fenway spans about 27,000 square feet with 15 eateries, while the Chicago site in Fulton Market covers roughly 50,000 square feet; both opened in 2019.
- Time Out Market CEO Michael Marlay said uneven weekday visits and higher operating costs have prevented consistent profitability since the pandemic recovery.
- Time Out’s digital city outlets in Boston and Chicago will continue, with the company maintaining two New York locations as its remaining U.S. markets and pursuing new halls in Vancouver, Abu Dhabi, Prague and Riyadh.
- The closures affect dozens of local vendors and their employees, and some staff have been offered transfers, according to local reports.
- In Boston, no replacement tenant has been announced for 401 Park; vendors said Time Out offered to hand operations to owner Alexandria Real Estate Equities, which declined, and the adjacent REI store is expected to close later this year.