Shoppers are spending nearly R1 billion a month at this famous hotspot in SA

The V&A Waterfront continues to attract huge numbers of shoppers and tourists, with new figures revealing that retailers at the Cape Town destination generated R11.3 billion in sales over the past financial year.

Growthpoint Properties, which owns a 50% interest in the V&A Waterfront, released its latest full-year results this week, showing that retail sales at the precinct increased by 6.2% in FY2026.

Put into monthly terms, the annual figure works out to an average of approximately R942 million in retail sales every month.

That is not money going directly into the V&A Waterfront’s bank account, but rather the total value of sales generated by retailers operating at the precinct.

Millions of visitors for V&A Waterfont

The huge retail turnover comes as the V&A Waterfront continues to attract millions of visitors.

According to Growthpoint, the precinct recorded 27 million visits during FY2026, an increase of 7% compared with the previous year.

Growthpoint attributed the stronger footfall partly to increased domestic and international tourism, with international arrivals at Cape Town International Airport increasing by 8%.

The Waterfront also continues to have extremely low vacancies, with only 0.9% of the precinct vacant.

The strong retail performance also comes as the Waterfront expands its luxury offering.

The new 3 752m² Lux Mall at Victoria Wharf has been completed, with major international brands including Burberry, Louis Vuitton, Gucci, Zegna, Versace and Rolex already trading.

The remaining tenants are expected to open by the end of October 2026.

Growthpoint said trading densities at the V&A were well ahead of the Morgan Stanley Capital International (MSCI) benchmark for super-regional shopping centres.

The V&A Waterfront is still expanding

The development story is also far from over.

The City of Cape Town Municipal Planning Tribunal has approved an increase of 440 000m² in development rights at the V&A Waterfront.

The first phase allows for 200 000m² of mixed-use development, including at least 110 000m² of residential space, as well as hotels, offices and retail.

At least 10% of the residential component must be affordable housing.

A second phase could add another 240 000m², subject to a traffic impact assessment, with at least half of that phase required to be residential.

The Waterfront is also progressing with a number of other developments, including 160 new built-to-rent apartments scheduled to open in March 2027 and the 142-room Cape Town EDITION Hotel by Marriott, which is expected to open in October 2026.

Another big year expected

Growthpoint expects the V&A Waterfront’s operating profit to grow by double digits in FY2027.

The precinct’s performance is therefore becoming an increasingly important part of Growthpoint’s overall business.

The company’s 50% interest in the V&A Waterfront accounts for approximately 12.1% of Growthpoint’s total asset book value and 18.6% of its distributable income per share contribution.