The V&A Waterfront in Cape Town has reported a remarkable financial performance for the latest fiscal year, generating R11.3 billion in retail sales. This figure underscores the precinct’s status as one of South Africa’s premier tourist and shopping destinations. Retail sales saw an uptick of 6.2% in FY2026, averaging around R942 million monthly. This sales volume reflects the total purchases made by consumers across the retail landscape of the Waterfront, rather than direct revenue for the facility itself.
Contributing to this success was a significant rise in foot traffic, with the V&A Waterfront welcoming 27 million visitors during FY2026, marking a 7% increase from the previous year. This surge was fueled by a boost in both domestic and international tourism, complemented by a rise in international arrivals at Cape Town International Airport. The precinct also boasted an impressive low vacancy rate of just 0.9%, with its retail trading performance exceeding the standards of major regional shopping centers.
In an effort to enhance its luxury retail offerings, the V&A Waterfront has completed a 3,752-square-metre luxury mall at Victoria Wharf. High-end brands like Burberry, Louis Vuitton, Gucci, Zegna, Versace, and Rolex have already set up shop, with the remaining tenants expected to join by the end of October 2026. This expansion is part of a broader development plan approved by authorities, which includes an additional 440,000 square metres of development rights. The first phase will incorporate 200,000 square metres of mixed-use space, featuring residential properties, hotels, offices, and retail areas, with at least 10% of the residential units designated as affordable housing.
Looking ahead, there is potential for another 240,000 square metres of development in a second phase, pending a traffic impact assessment. At least half of this space is earmarked for residential use. Among the upcoming projects are 160 built-to-rent apartments anticipated to open in March 2027, along with a 142-room Cape Town EDITION hotel slated for an October 2026 opening.
The V&A Waterfront is poised to continue as a key contributor to the financial success of its owner, with projections indicating a double-digit growth in operating profit for FY2027. This robust performance further cements its role as a central hub for commerce and tourism in the region.