V&A Waterfront ends 2025 with 3 million visitors and R1.4bn sales
Announcing the performance milestones, V&A Waterfront CEO Graham Wood said the results were encouraging indicators for one of South Africa’s most important mixed-use neighbourhoods — a precinct that supports more than 83,000 direct and indirect jobs and contributes over 1.5% of the Western Cape’s GDP.
“We welcomed 25 million visitors in 2025, matching the previous year despite significant development, construction and infrastructure upgrades across the precinct,” said Wood.
Retail growth continues despite development activity
The V&A’s retail performance remained resilient throughout the year, even as large-scale developments continued. “Even without the completion of our luxury retail wing, the V&A achieved more than R11bn in retail sales in 2025, representing 7% growth year-on-year and another year of excellent performance,” Wood said.
December’s trading period capped off a strong year for tenants, underlining the Waterfront’s position as on of South Africa’s leading retail and lifestyle destinations.
Global spotlight on Cape Town
The year concluded with a globally visible New Year’s Eve celebration, livestreamed by one of the world’s most popular internet personalities, IShowSpeed (Darren Jason Watkins Jr).
“His YouTube livestream of the event achieved more than 47 million views, delivering extraordinary exposure for the V&A Waterfront, Cape Town and South Africa,” said Wood. “The reach of this event demonstrates the power of blending physical experiences with digital platforms.”
Hospitality performance boosted by hotel reopening
The precinct’s hospitality offering also received a significant boost in December with the reopening of the InterContinental Table Bay Cape Town, following a 10-month conversion.
“Demand across our 13 hotels remained robust over the festive period, with average December occupancies of 69%,” Wood noted. “This reinforces the V&A Waterfront’s strength as a global tourism destination with diverse accommodation options.”
Looking ahead, Wood confirmed several major developments scheduled for 2026. “The opening of our luxury retail wing will be a key milestone this year. In addition, the EDITION, Cape Town hotel is set to open in the third quarter, introducing a new benchmark in contemporary luxury and integrating seamlessly with our new superyacht basin, scheduled to open in October.”
Long-term growth potential in tourism and cruising
Beyond retail and hospitality, the V&A continues to benefit from strong performance in cruise tourism. In 2025, the Cape Town Cruise Terminal welcomed 74 vessels, carrying 126,000 passengers and 45,000 crew members.
“Despite short-term pressures from geopolitical developments, there remains significant long-term growth potential in the cruise market,” said Wood.
Cape Town’s broader tourism performance further supported precinct activity. Following its recognition as the world’s best city for 2025 by both The Telegraph Travel Awards and Time Out, the city recorded 11% growth in international arrivals in December year-on-year.
Wood highlighted the role of Cape Town Air Access, which brings 230 international flights into Cape Town International Airport every week, as a key driver of this growth.
“This is an excellent example of collaboration between government and industry,” he said. “There is an opportunity for the Tourism Business Council of South Africa and SA Tourism to further strengthen international air access, particularly as South Africa faces growing competition from East Africa.”
Innovation driving future growth
Tourism remains one of South Africa’s most important economic sectors, contributing 9% of GDP and supporting approximately 1.8 million jobs across hospitality, transport, retail and services.
“The V&A Waterfront is proud of its leading role in the tourism ecosystem,” said Wood. “Innovation is the key that will unlock future growth, and it sits at the heart of everything we do.”
He concluded: “Where we lead, we encourage others to follow. We confidently expect 2026 to be another year of growth, delivering meaningful benefits for jobs, small businesses and the wider economy.”