Time Out Market to close later this month in Fulton Market

Time Out Market Chicago to close next week, leaving only one U.S. location

Time Out Market Chicago will shut its doors on January 23, with company leaders citing inconsistent foot traffic and rising costs as key reasons for the closure. The Fulton Market food hall has been home to more than a dozen vendors since 2019, and its closing comes as restaurants across Chicago continue to feel the impact of inflation and hybrid work schedules.

CHICAGO - Time Out Market Chicago will close later this month in the Fulton Market District, the company announced Wednesday.

What we know:

After opening in 2019, the final day of operation at the 50,000-square-foot facility is set for Friday, Jan. 23.

Located at 916 W. Fulton Market, the food hall hosted a selection of vendors, cultural events, and live programming.

Time Out is also shuttering its Boston location, leaving food halls in just one U.S. city — New York City. The company has an international footprint, with markets in Dubai, Hong Kong, London, and Singapore, among other global cities.

Dig deeper:

The food hall houses more than a dozen businesses, including Chef Art Smith's Sporty Bird, Molly's Cupcakes, and Tacotlan.

"Time Out took a Time Out! I am sad to see this happening because my little Sporty Bird got to find a bigger coop to bring my neighbors along or recoup the present coop," Smith shared. 

Some employees, like those at Tacotlan, will be able to transfer to other restaurant locations but others may not be so lucky.

"I feel bad for all my friends that are also there, and all the staff," said Jessica Perjes, co-owner of Tacotlan. 

Perjes, who operates Tacotlan's main restaurant in Hermosa, opened a second location in the Time Out Market less than three months ago.

She said she's surprised the market is calling it quits, but recognizes that customer activity isn't what she expected.

"If I'm going to be frank, it's not the volume that I'm used to here. And so, I was thinking that it was going to be way different than what it was," Perjes shared. "They had told me a couple times that I was one of the top vendors, day-to-day, month-to-month — for them to tell me that but to not be excited about the numbers didn't say much."

Sam Toia, president and CEO of the Illinois Restaurant Association, explained that since the pandemic, there's been a 38% increase in product costs, a 35% increase in labor costs, and a 19% increase in fixed costs. He said those price hikes are ultimately passed on to the consumer.

"Customers can only afford so many price increases before they stop going back," Toia said. 

He added that restaurants are still feeling the effects of hybrid and work-from-home schedules.

"When they opened these food halls, we had over 600,000 people coming down to the Central Business District. A lot of them were going out to lunch. Inflation wasn't as high. That was their model. Then inflation went up so big and we only have 60% of the people working downtown because of these hybrid work schedules. And I think that's the problem," Toia said. 

Toia shared that in the first half of 2025, nearly 500 Chicago restaurants shut down. 

What they're saying:

Michael Marlay, CEO of Time Out Market, said the decision came amid ongoing financial challenges. He cited inconsistent foot traffic tied to hybrid work patterns and rising operating costs as factors that prevented the market from becoming profitable.

Time Out Market Chicago to close amid financial pressures | ChicagoLIVE

Time Out Market Chicago says it will close its Fulton Market location Jan. 23.

"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," Marlay 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. "

What's next:

While the market will shut down next Friday, some business owners have already started to pack up.

Time Out Group said its digital media brand, Time Out Chicago, will continue operating and remain focused on covering the city’s food, culture, and entertainment scenes.