V&A Waterfront's Watershed turnover grows by 300%
The Watershed opened for trade in October 2014 after an R50-million transformation of an existing craft market space, and has fast become an important facilitator and supporter of local entrepreneurship through the sale of handmade items and African design.
David Green, CEO of the V&A Waterfront, said: "The redevelopment of the Watershed was an investment into small business and African craft and design, affirming our belief in craft as a business. We see our role as that of providing a platform for people to turn their talent into fully fledged businesses, and continuing the legacy of World Design Capital 2014."
A year since its successful launch, the Watershed is reporting a 300% increase in retail trade in just 12 months. Small business at the V&A Waterfront now accounts for between 3% and 4% of overall retail trade on the property, up from 1% a year ago. This is indicative of the market responding to this craft and design offering.
"The success of the space is due to the traders who have interpreted market needs and proven craft and design is as much a serious business as any other retail category. Kudos to the talented traders and artisans of the Watershed," continued Green.
Made in Africa
One of the primary tenets of the Watershed is that all traders must showcase and sell products that have a unique or original design, and are both produced on and made with materials from the African continent.
"Further testament to the success of these traders is the requirement for extended space and the number of new applications we are seeing," said Alex Kabalin, Retail Executive, V&A Waterfront.
In addition to strong retail performance, the Watershed was recognised at a number of redevelopment, retail and marketing awards last month. It was one of only 12 developments in the Western Cape to receive a Cape Institute for Architecture (CIfA) Award for Architecture this year, and was further named a co-winner of in the 'Renovation and Expansion of Existing Centres' category at this year's South African Council of Shopping Centres' (SACSC) Annual Retail Design & Development Awards.
The V&A Waterfront was also acknowledged for its successful marketing of the Watershed, with the Watershed receiving Gold in three categories (Centre Productivity; Grand Opening, Expansion and/or Renovation; and Category Integration) at this year's Footprint Marketing Awards.
