The V&A Waterfront in Cape Town has reported impressive retail sales figures, with a total of R11.3 billion generated during the latest financial year. This underscores the ongoing appeal of the location as one of South Africa’s premier tourist and shopping hubs. Retail sales saw a significant uptick of 6.2% in the fiscal year 2026, averaging around R942 million in monthly sales. These sales figures reflect the total purchases made at retailers within the precinct, rather than direct revenue for the Waterfront itself.
The surge in retail success was bolstered by an increase in visitor numbers, with the V&A Waterfront attracting 27 million visits in FY2026, marking a 7% rise from the previous year. This growth was fueled by a boost in both domestic and international tourism, with a notable increase in international arrivals at Cape Town International Airport contributing to the trend. The precinct has managed to maintain a remarkably low vacancy rate of just 0.9%, while its retail trading performance continues to surpass the benchmarks set for major regional shopping centers.
In a bid to enhance its luxury retail offerings, the Waterfront has completed a 3,752-square-metre luxury mall at Victoria Wharf. Esteemed brands such as Burberry, Louis Vuitton, Gucci, Zegna, Versace, and Rolex have already established their presence there, with remaining tenants anticipated to open by the end of October 2026. Plans for further development are underway, with authorities having greenlit 440,000 square metres of additional development rights. The initial phase will feature 200,000 square metres of mixed-use development, including residential properties, hotels, offices, and retail space, with at least 10% of the residential area dedicated to affordable housing.
Looking ahead, there is potential for a second phase of expansion, encompassing another 240,000 square metres pending a traffic impact assessment. At least half of this space is earmarked for residential purposes. Among other projects in the pipeline are 160 built-to-rent apartments, expected to open in March 2027, and a 142-room Cape Town EDITION hotel slated for an October 2026 opening.
The V&A Waterfront is poised to remain a significant contributor to its owner’s financial success, with operating profit projected to experience double-digit growth in FY2027. This robust performance, coupled with ongoing development efforts, underscores the precinct’s enduring appeal and strategic importance in the region.