The V&A Waterfront in Cape Town has reported an impressive R11.3 billion in retail sales for the recent financial year, underscoring its position as a leading tourist and shopping destination in South Africa. This marks a 6.2% increase in retail sales from the previous year, which translates to an average monthly sales figure of roughly R942 million. These figures reflect the total consumer spending across the precinct’s retailers rather than direct revenue for the Waterfront itself.
Visitor numbers played a crucial role in this financial success, with the V&A Waterfront attracting 27 million visits in FY2026—a 7% rise from the prior year. The boost in visitors was fueled by a surge in both domestic and international tourism, with Cape Town International Airport experiencing an uptick in international arrivals. The precinct also managed to maintain a low vacancy rate of just 0.9%, and its retail performance surpassed the benchmarks for other major regional shopping centers.
In line with its robust retail performance, the V&A Waterfront has expanded its luxury offerings by completing a new 3,752-square-metre luxury mall at Victoria Wharf. Notable brands such as Burberry, Louis Vuitton, Gucci, Zegna, Versace, and Rolex have already set up shop there, with additional tenants expected to open by October 2026. Plans for further expansion are underway, with approval for 440,000 square metres of development rights. The initial phase will focus on 200,000 square metres of mixed-use development, including residential units, hotels, offices, and retail spaces, with at least 10% of the residential units earmarked for affordable housing.
Another potential development phase could add 240,000 square metres, pending a traffic impact assessment, with half of this space designated for residential purposes. Among the upcoming projects are 160 built-to-rent apartments slated to open in March 2027 and a 142-room Cape Town EDITION hotel set for an October 2026 debut.
The V&A Waterfront is expected to continue significantly contributing to its owner’s financial performance, with operating profits anticipated to grow by double digits in FY2027. This continued expansion and robust visitor numbers position the Waterfront as a vital economic engine for the region.