Time Out Market Boston Closure: CEO Cites Hybrid Work as Key Factor
The Time Out Market in Boston, a popular food hall located in Fenway, is scheduled to close its doors on January 23. This decision follows a mix of challenges faced by the establishment, including inconsistent foot traffic and rising operational costs attributed to the ongoing shift toward hybrid work. CEO Michael Marlay highlighted these factors in a recent statement.
Details of the Closure
The spacious market, which spans 27,000 square feet at 401 Park Drive, features 15 eateries, two bars, and an outdoor patio. Some of the restaurants that have operated there include:
- Ms. Clucks Deluxe
- Cusser’s Roast Beef & Seafood
- Taqueria El Barrio
- Blue Ribbon Barbecue
- A&B Burgers
- Lala’s Neapolitan-ish Pizza
- LuLu Green
- Union Square Donuts
Employee reactions to the closure have been mixed, with one staff member at Cusser’s expressing disbelief upon learning the news just days before the announcement.
Background of Time Out Market
Originally launched in Lisbon, Portugal, the Time Out Market concept has expanded to several major cities worldwide, including New York and Chicago. Unfortunately, the Miami location also faced closure earlier this year due to similar challenges.
Market Challenges and Industry Impact
Reports indicate a growing number of commercial vacancies in the Fenway area, exacerbated by the economic landscape. Nearby outdoor equipment store REI is also anticipated to shut down this year. Local resident Kiki Regan reflected on the market’s pricing, stating it was perceived as overpriced compared to other options.
In light of inflation and rising costs, many diners are becoming more budget-conscious. Grant Welker from the Boston Business Journal pointed out that managing a restaurant is increasingly challenging in the current environment, given the pressure to maintain profit margins amid escalating operating expenses.
Notable Restaurant Closures in Massachusetts
The Boston area has seen several significant restaurant closures recently. Over the past few months, notable events include:
- Uno Pizzeria closed locations in Braintree, Dedham, and Revere.
- Bertucc’s closed multiple restaurants and filed for bankruptcy.
- Dugout Cafe, a historic dive bar, shut down after selling its liquor license.
- Davio’s steakhouse in Braintree closed at the start of the new year.
- Iconic diner Twin Donuts closed its doors after 70 years in business.
This rise in closures reflects ongoing difficulties within the restaurant industry in Massachusetts, as both operators and patrons navigate the challenges posed by the post-pandemic landscape.
