South West jewellery business Michael Spiers is investing £1m into opening a new showroom close to Plymouth’s Drake Circus Shopping Centre.
The family-run business, which celebrated its diamond anniversary in 2017, will move its watches and jewellery showroom from its current location in Cornwall Street to the unit vacated by The Americano coffee house, in the same road but nearer to the mall.
The unit’s location close to the city’s main retail draw, and the popular Marks & Spencer food hall, was a key consideration for the company.
The company said the new outlet will be “stress-free and even more convenient” for customers. Fit-out work has already begun on the new store, which is expected to be trading by the spring of 2022. Michael Spiers, advised by Plymouth’s GA Solicitors, has signed a 25-year lease on the unit. It will contain a “luxury seating area” and areas dedicated to the high-end watch brands Rolex, Omega, Breitling and Tudor.
Michael Spiers will continue to use its current location in lower Cornwall Street, where it has been based for more than 50 years, as offices and for its jewellery and watch workshops.
The location of the new premises was a key factor in the decision to move, the company said, as the new unit is in a much more prominent building, directly visible from the busiest parts of the retail area..
Adam Spiers, managing director of the firm, 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 to them for their support and for ensuring a positive conclusion.”.
Michael Spiers has been a leading jewellery chain in the South West for 64 years. Founded by the late Michael Spiers, the first store was opened in Looe, Cornwall, in 1957.
Joined by his brother-in-law Keith White and close family friend Michael Cox in 1966, the team led the expansion of the business with openings in Polperro, Newquay and Paignton.
It opened its flagship Plymouth showroom in 1969,Truro in 1980, Taunton in 1990 and Exeter in 1999, moving to a bigger location at the city’s Cathedral Green in 2015.
In 2011 the firm spent: £1million refurbishing the Plymouth and Truro showrooms. In 2020 investment company Natatomisam Ltd acquired the lease on the three-storey block on the corner of Cornwall Street and Armada Way which includes a large chunk of the current Michael Spiers jewellery store.
The 8,926sq ft building also includes the Haberdashery Fabrics and More shop and four, four-bedroom student flats on the floors above.
Included in the lease purchase was the Michael Spiers showroom extension but not the original shop next door, now used as the entrance to the entire business.
The new unit that Michael Spiers is moving into was left empty when The Americano coffee shop didn’t reopen in April 2021 following the easing of lockdown restrictions.
Michael Spiers’ move to just outside the entrance of British Land-owned Drake Circus Shopping Centre comes as it is set to be a new location for £800million turnover luxury watch retailer Watches of Switzerland Group. Three new watch boutiques, in adjoining units on the first floor, will house three prestigious watch brands: Omega, Breitling and Tag Heuer.
David Stone, head of GA Solicitors’ commercial department and the solicitor advising upon the lease, said: “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.”
