The highly anticipated opening of Rolex’s flagship showroom in London is experiencing another setback, with the grand unveiling now projected to take place no earlier than 2025, according to a report by Watchpro. This marks the second delay for the three-floor Rolex showroom, owned and operated by the Watches of Switzerland Group, which was initially slated to open its doors last year.
Spanning an impressive 7,200 square feet across three floors, the forthcoming Rolex flagship is strategically positioned on Bond Street, occupying a historic corner property once used by Gucci. Situated alongside other prestigious Swiss watch brands such as Laeger LeCoultre, Vacheron Constantin, and A. Lange & Söhne, the Rolex megastore is set to become a focal point on the UK’s most prestigious shopping thoroughfare.
The Watches of Switzerland Group had originally announced its plans to unveil the boutique in 2022. Designed collaboratively by Rolex and Watches of Switzerland, the store’s focus is on client hospitality and celebrating the brand’s storied history. Delays in the flagship’s construction were attributed to Gucci’s prolonged transition to a larger building on New Bond Street, hindering the start of work. Watches of Switzerland’s CEO, Brian Duffy, also cited challenges related to the basement of the Old Bond Street building as contributing to the extended timeline.
In anticipation of the upcoming megastore, all Rolex-selling stores on Bond Street, except for Watches of Switzerland’s smaller 900 sq. ft boutique, have been closed. German retail group Wempe shuttered its Bond Street store last year after losing its Rolex agency. Simultaneously, Mappin & Webb, located on the corner of Old Bond Street and Piccadilly, is undergoing conversion into a Tudor retail outlet.
Watches of Switzerland, a century-old British retailer of Swiss watches, currently operates seven Rolex-branded stores across the UK and the US. However, the company recently faced a 33% decline in its shares after revising down guidance for the 2024 fiscal year. The company attributed the decline to challenging macro-economic conditions impacting consumer spending in the luxury retail sector, particularly during the holiday season.
The ongoing delay in the opening of the Rolex flagship poses additional challenges for Watches of Switzerland, as it navigates the intricacies of a volatile luxury retail market. Despite setbacks, the anticipation surrounding the London flagship remains high, promising a unique and immersive experience for Rolex enthusiasts once the doors finally open in 2025.
