The V&A Waterfront achieved a record R1.4 billon in retail sales over December 2024, welcoming over 3 million visitors.
A new edition to the Waterfront’s retail offering was the opening of the repurposed Union Castle Building just in time for the festive season, introducing high-profile tenants including Marble Restaurant, Nike, Thule, and Wedgewood. These additions and other tenant mix enhancements such as the enlarged and relocated Yuppiechef and Mr Price offerings, as well as fresh new brands such as Amiri, North Face, Karl Lagerfeld and Deus ex Machina, all contributed to drive close to double-digit sales growth with more than R10 billion being spent in the precinct during 2024.
“During the year, we saw sales growth across more categories but there were some stand out performers,” says David Green, CEO of the V&A Waterfront. “Our enhanced restaurant offering and food markets drove food and beverage revenue. Increased numbers of international tourism arrivals also helped to drive strong performances at the revamped Watershed, curios and jewellery sectors.”
“’Athleisure’ and outdoor continue to experience ever growing demand with ‘Health & Beauty’ remaining a perennial favourite. In fashion, we continue to see stronger performances from those more independent than differentiated stores,” he notes.
Green says that hotels in the precinct reported positive revenue rates throughout December 2024, reaffirming the strong demand for high quality accommodation in the area. Additionally, major attractions such as the Two Oceans Museum and the Zeitz MOCAA Museum continued to draw significant footfall with both enjoying a 4% increase respectively over 2023’s December and for the full twelve months, registered double digit growth of 10%.
On New Year’s Eve alone, approximately 200 000 people visited the mixed-use destination.
“Looking ahead, our ongoing investment plans will ensure that the V&A Waterfront continues to innovate and evolve, keeping South Africa’s tourism offering at the forefront of global travel trends for both local and international to enjoy,” concludes Green.