Michael Spiers, the South West’s leading independent jewellery and watch retailer, is to invest £1m into a new Plymouth retail unit, located at the top of the city centre, opposite Drake Circus and Marks & Spencer’s Food Hall.
Michael Spiers’ existing premises is located at 52-54 Cornwall Street and has been a popular destination since its opening in 1969. The new site, which is anticipated to be open by spring 2022, will build upon an already established client base and service.
The new 25 year lease, which was advised upon by regional law firm GA Solicitors, will see the company relocate to No.2 Cornwall Street with an expected increase in footfall with the same Michael Spiers experience.
The £1m fit out will take approximately six months, commencing with immediate effect, and with the new unit open in time for spring next year. The new look showroom will boast luxurious seating areas and large Rolex, Omega, Breitling and Tudor branded areas.
Commenting on the investment, managing director, Adam Spiers, said: “This is an incredibly exciting time for us as we plan our new store and move to a higher footfall area of Plymouth’s city centre. The new showroom will be much more prominent and directly visible from key parts of a shopper’s journey.
“It is a significant investment and demonstrates our ongoing commitment to the city and our many clients in the Plymouth area. Client experience is a focal point of our service and the reason why we are authorised retailers of premium brands such as Rolex and Patek Philippe. The new showroom will ensure we maintain our presence and keep our offering at the highest possible standard. Of course, we shall continue to offer the Michael Spiers experience in our existing store until the new showroom is open.
“The lease of the new showroom was complex with challenging negotiations needed from the outset. GA Solicitors provided invaluable advice at every step. We are thankful for them for their support and for ensuring a positive conclusion.”
David Stone, head of GA Solicitors’ commercial department and the solicitor advising upon the lease, added: “Michael Spiers is a celebrated name in Plymouth and the wider South West and in the national watch and jewellery sector. This significant investment will help to secure its position in the city and is an exciting move for the family business after more than 50 years in their current premises.
“The lease was not without challenges and we are pleased to have been able to provide the Spiers family with comprehensive advice and ensure fair negotiations with the landlord. We wish them the best of luck with this exciting refurbishment and fit out and for the opening early next year.”
Michael Spiers has showrooms in Plymouth, Truro, Exeter and Taunton. The current premises will remain open and continue to provide the renowned ‘Michael Spiers Experience’ until the new showroom is ready.