Media company Time Out will no longer be opening a large dining hall in Waterloo. The Time Out Market at the station just south of the river has been reduced by the impact of the Covid-19 pandemic, according to Propel.
Time Out released a statement today, March 23, in which:
“Following recent media inquiries, Time Out Group confirms that its subsidiary, Time Out Markets Central London, has informed London & Continental Railways that it no longer intends to proceed with the development of Time Out Market London (Waterloo) because of the impact of the convention. 19 pandemic. “
He signed a lease for 32,500 square feet of two-story space at the end of 2018, promising at the time to bring “17 of the city’s most acclaimed chefs and restaurateurs” to his new home. It did so against the backdrop of a booming food hall boom in London, in the context of a city both with a growing appetite for food halls and a growing understanding of the reality of often-qualified spaces. of “democratic” or “for everyone.” Market Halls Victoria and Fulham were soon joined by Market Halls West End; Arcade Food Theater had opened under empty luxury apartments at Center Point; Curb had opened Seven Dials Market. There was a momentum.
The Covid-19 pandemic has stopped this momentum in its tracks. Curb was able to partially reopen, while the halls and arcades did not reopen at all. Where the cherrypic gamification of catering was previously convenient for diners and lucrative for food hall operators, the impact of the coronavirus crisis has stalled the economies of restaurants that depend on high and changing footfall – that of workers. and tourists who once flooded a now calm central London. Where food halls were a tool for owners to raise prices for other properties, whether commercial offices or residential apartments, they are now inactive, while operators with resources can move into liberated restaurants with more bargaining power than they had before.
The Waterloo news is also the latest in a series of the brand’s failures in London. He has been trying to open a food hall in Spitalfields for years, but has failed to allay residents ‘concerns about the impact of a market on the area, in a town where’ theme parks cook à la mode ”have brought about social and economic changes. who assessed the prices and pushed residents to leave the communities that were there before the wards arrived.
More soon on the impact of the coronavirus crisis on food halls in London.