Business is booming in Cape Town’s CBD with 135 new entities opening in 2022. Retail also showed impressive growth in spite of consumers facing challenging times, with 80 new retailers included in the new business mix.
Also read: City invites residents to contribute to development of a CBD spatial vision
These were among the key findings of the State of Cape Town Central City Report 2022 – A year in review (SCCR), released recently by the Cape Town Central City Improvement District (CCID).
The highly regarded report provides extensive evidence of an investment-friendly CBD, with local government pushing growth through a comprehensive ‘Ease of Doing Business’ strategy.
Explore Cape Town and its surroundings with these incredible deals on cars for under 100k. Find car listings here.
‘The CBD’s remarkable recovery is a testament to the resilience and adaptability of business owners,’ said Rob Kane, chairperson of the CCID and CEO of Boxwood Property Fund. ‘It’s heartening to see how their hard work, innovation and passion has paid off post-Covid-19. The inner city remains a source of niche retailers with authentic offerings that attract the interest of local, national, and international visitors and investors.’
Of the 3 116 businesses in 2022, 1 243 were retail establishments. In 2022, 80 new retailers opened their doors in the inner city in 2022. In 2019, before the pandemic struck, there were 1 237.
‘The retail sector has recovered steadily since the pandemic,’ notes Kane, ‘and in 2022 the number of retailers in the Cape Town CBD had returned to pre-Covid levels, with six more entities than in 2019.’
After retail, the second-largest sector is legal services (which includes law firms and advocates). In this sector, 26 new businesses opened in the CBD, bringing the total number to 681. In 2021, there were 655. ‘This bodes well for the return to the CBD of office workers as does the fact that the number of medical practices in the inner city grew from 228 to 246 in 2022,’ says Kane.
Cape {town} Etc discount: Looking for things to do in the city at half the price? Let these great offers inspire you and fuel your imagination! Get them here.
Also read:
Trace the footsteps of the old Cape Town CBD this Heritage Day
Picture: Ian Badenhorst / Unsplash
