The V&A Waterfront in Cape Town has reported a robust financial year, with retailers generating a significant R11.3 billion in sales. This figure underscores the enduring appeal of one of South Africa’s premier tourist and shopping destinations. Sales at the Waterfront saw a 6.2% increase in the fiscal year 2026, which translates to an average monthly sales volume of about R942 million. This impressive retail performance reflects the total purchases made across the precinct rather than direct revenue for the Waterfront itself.
A key factor contributing to this success is the rise in visitor numbers. The V&A Waterfront recorded 27 million visits in FY2026, marking a 7% increase from the previous year. The surge in domestic and international tourism has been a driving force, aided by a rise in international arrivals at Cape Town International Airport. The precinct’s ability to maintain a low vacancy rate of just 0.9% further highlights its strong retail performance, which continues to surpass benchmarks for major regional shopping centers.
Enhancing its appeal, the Waterfront has expanded its luxury retail offerings. A newly completed 3,752-square-metre luxury mall at Victoria Wharf now hosts high-end brands such as Burberry, Louis Vuitton, Gucci, Zegna, Versace, and Rolex, with additional tenants anticipated to open by the end of October 2026. This expansion is part of a broader development plan, with authorities approving an additional 440,000 square metres of development rights. The initial phase will include 200,000 square metres of mixed-use development, featuring residential properties, hotels, offices, and retail space. Notably, at least 10% of the residential units will be dedicated to affordable housing.
Looking to the future, another potential 240,000 square metres of development could follow, pending a traffic impact assessment, with a focus on residential use for at least half of the area. Additional projects in the pipeline include 160 built-to-rent apartments slated to open in March 2027 and a 142-room Cape Town EDITION hotel expected to launch in October 2026. These developments are set to cement the V&A Waterfront’s status as a significant contributor to its owner’s financial performance, with operating profit anticipated to grow by double digits in FY2027.