This research was designed to analyze tourists’ perception of food markets in an urban context, specifically in the case of Time Out Market Lisbon. The sample included participants who visited and experienced the market food court. The data were collected using a questionnaire assessing the respondents’ perceptions of the location, food quality, food neophilia, market engagement, and the cultural attractiveness of the locale. The purpose was also to analyze how these factors contribute to visitor satisfaction and their intention to revisit the local area. The findings showed that food neophilia was the characteristic of Time Out Market Lisbon that had the highest impact on visitors’ satisfaction which, accordingly, positively influenced their intention to revisit the market. Visitors’ perception of the place as a cultural attraction was also found to moderate the relationship between visitors’ satisfaction and intention to revisit Time Out Market Lisbon. The findings provide an important contribution to the scientific community regarding the important role of modern food markets in urban city regeneration and more specifically as a tourist attraction. This research has significant management implications regarding the emotions of tourists’ food experience and can be used for stakeholders engaged in the tourism development process.