The V&A Waterfront in Cape Town reported robust retail sales of R11.3 billion in the latest financial year, underscoring its status as a premier destination for tourists and shoppers in South Africa. Retail sales saw a 6.2% increase compared to the previous year, translating to roughly R942 million in sales each month. This figure corresponds to the total value of consumer purchases made across the precinct’s retailers, rather than the direct revenue received by the Waterfront itself.
Visitor numbers played a significant role in this strong performance, with the V&A Waterfront welcoming 27 million visits during FY2026—a 7% rise from the previous year. The boost was fueled by increased domestic and international tourism, as international arrivals at Cape Town International Airport also saw an uptick. The area maintained an impressively low retail vacancy rate of just 0.9%, and its trading performance surpassed benchmarks set by other major regional shopping centers.
In a bid to expand its luxury retail presence, the Waterfront recently completed a new 3,752-square-meter luxury mall at Victoria Wharf. This development has attracted high-end brands such as Burberry, Louis Vuitton, Gucci, Zegna, Versace, and Rolex, with remaining tenants expected to open by the end of October 2026. Further expansion plans are on the horizon, as authorities have approved an additional 440,000 square meters of development rights, with the first phase slated to include 200,000 square meters of mixed-use development, incorporating residential properties, hotels, offices, and retail spaces. Notably, at least 10% of the residential units will be reserved for affordable housing.
The potential for further development extends to another 240,000 square meters in a second phase, pending a traffic impact assessment, with at least half of this space designated for residential use. Other projects in the pipeline include 160 built-to-rent apartments expected to be ready in March 2027, and a 142-room Cape Town EDITION hotel scheduled to open in October 2026. These expansions highlight the precinct’s ongoing growth and evolution.
Looking ahead, the V&A Waterfront is projected to remain a significant contributor to its owner’s financial performance, with operating profit anticipated to grow by double digits in FY2027. This forecast reflects the precinct’s continued appeal and strategic expansions, solidifying its role as a key player in the region’s economic landscape.