Laings was established in 1840 and is one of Scotland’s the oldest family businesses.
Being very, very old makes it all the more important to prove your youthful virility and nimbleness, particularly in the fast-changing retail world, which is why Laings’ move out of the Victorian Argyll Arcade onto Glasgow’s central shopping thoroughfare, Buchanan Street, makes perfect sense.
Although the Argyll Arcade has moved with the times, it is limited by its geography, with units benefiting from stunning frontages but little depth when it comes to retail floor space.
Laings has three stores in the arcade, including its flagship multibrand showroom, but after carving out identically sized areas for anchor brands Rolex and Patek Philippe, there was little space left for the likes of Panerai, IWC, Tudor and Breitling.
A second, smaller, watch shop gave a little more flexibility, and a monobrand TAG Heuer store was good for footfall, but modern day luxury retail requires space — a lot more space — so the move out of the arcade to the five-storey Rowan House building where Laings has its corporate office, is timely.
Glasgow’s luxury watch scene has been transformed over recent years with investment from Watches of Switzerland Group, Chisholm Hunter, Laings and Rox.
WoSG converted a multibrand showroom into a Rolex store at the very top of Buchanan Street by the Buchanan Galleries shopping centre and opened a number of monobrand stores.
The opposite end of the thoroughfare is considered more luxurious because of Frasers department store, which has windows for the likes of Hermes and Prada.
Argyll Arcade is positioned directly opposite Frasers, with Chisholm Hunter occupying the unit on the left as you enter, and Watches of Switzerland to the right.
Inside the arcade, Rox has its award-winning boutique with its ahead-of-its-time champagne bar upstairs.
Rox is also working on a multibrand emporium in the arcade with brands including Hublot, Bulgari, Chopard and Zenith ready to move in.
That will give Rox the sort of scale that Laings has moved out to Buchanan Street to secure.
Size matters, particularly for multibrand showrooms, because retailers can show a more comprehensive collection from each watchmaker, and create on-brand experiences for customers.
Brands are also demanding when it comes to space and style.
Everything has to be an experience these days, which is why a fifth floor hospitality suite at the new Laings is another essential.
Generating profits on Buchanan Street is not easy. Rents are almost three times as high as in the Argyll Arcade, a local retailer told WATCHPRO.
Rates are higher as well, although government support measures have helped with this cost over the past two years of the pandemic.
Only the strongest watch brands can deliver a return on the required investment — £5 million in the case of Laings — which would only be feasible with its brand line up including Rolex, Patek Philippe, Breitling and Tudor.
