The V&A Waterfront in Cape Town remains a powerhouse in South Africa’s retail and tourism sectors, having generated an impressive R11.3 billion in sales during the most recent financial year. This performance underscores the Waterfront’s position as a premier destination for both local and international visitors. The retail sales figures saw a 6.2% increase in FY2026, translating to an average monthly turnover of around R942 million. It’s important to note that this figure reflects consumer spending across the precinct’s retailers rather than direct revenue for the Waterfront itself.
A pivotal factor behind this strong financial performance is the rise in visitor numbers, with 27 million visits recorded during FY2026, an increase of 7% from the previous year. The boost in foot traffic is attributed to both domestic and international tourism, with Cape Town International Airport also witnessing a rise in international arrivals. This influx of visitors has ensured that the Waterfront maintains a remarkably low vacancy rate of 0.9% and continues to outperform major regional shopping centres in retail trading metrics.
In a bid to cater to luxury shoppers, the Waterfront has unveiled a new 3,752-square-metre luxury mall at Victoria Wharf. The space is already home to high-end brands such as Burberry, Louis Vuitton, Gucci, Zegna, Versace, and Rolex, with additional tenants expected to open by October 2026. The commitment to expanding its luxury offerings is just one aspect of the Waterfront’s broader development plans.
Looking ahead, the Waterfront has secured approval for an expansive development initiative covering an additional 440,000 square metres. The first phase of this project will see the creation of 200,000 square metres of mixed-use space, incorporating residential units, hotels, offices, and retail areas. Notably, at least 10% of the new residential properties will be dedicated to affordable housing. The second phase, pending a traffic impact assessment, could add another 240,000 square metres, with a focus on residential development comprising at least half of the new space.
Additional projects in the pipeline include 160 built-to-rent apartments slated for a March 2027 opening and a 142-room Cape Town EDITION hotel set to begin operations in October 2026. These developments are expected to cement the V&A Waterfront’s role as a key driver of its owner’s financial performance, with predictions of double-digit growth in operating profit for FY2027.