Story Highlight
– TAG Heuer flagship boutique in London has closed.
– Longines boutique also shut down in the same area.
– Watches of Switzerland reducing retail network by 28 stores.
– Focus shifting to multibrand showrooms for profitability.
– Luxury watch sales slowdown leads to boutique closures.
Full Story
A recent walk through London’s West End highlights the decline of branded watch boutiques in the UK, with some high-profile closures adding to the trend.
One of the most significant closures is the TAG Heuer flagship store located directly across from Selfridges on Oxford Street. This boutique, which opened in December 2017 with great celebration by model Bella Hadid, was directly operated by TAG Heuer and has been closed for three weeks. Customers are now being redirected to the brand’s other location in Covent Garden. Additionally, TAG Heuer’s watches will be available at a nearby showroom operated by Watches of Switzerland.
Another notable closure in the same area is that of Longines, which opened in 2015 and was inaugurated by actress Kate Winslet. Although this boutique is now shut, Longines watches can still be purchased through the Covent Garden store as well as at Watches of Switzerland and Selfridges.
The trend of closing monobrand stores began following an earlier rush to establish them during the prosperous years of the early 2020s. For example, TAG Heuer’s location in Guildford, associated with Watches of Switzerland Group, was recently shut down.
Retail lease contracts signed between 2020 and 2022 often include five-year break clauses, which are now prompting businesses to exit less profitable sites. According to WatchPro’s report from March, Watches of Switzerland Group plans to reduce its retail presence from 223 showrooms to 195 across the UK, USA, and Continental Europe between April 2024 and September 2025. This strategic reduction includes the closure of 15 monobrand stores in the UK alone.
Despite confirming additional store closures in its FY 2026 financial results, the group has stated that it does not intend to eliminate all of its UK monobrand boutiques, with specific exceptions for Rolex and the joint venture with Audemars Piguet in Manchester.
The overarching strategy for retailers appears to be a shift towards investing in larger multibrand showrooms. This transition is also reflected by Signet Group, which operates brands such as H. Samuel and Ernest Jones, as well as other retailers like Beaverbrooks and Fraser Hart, that are now prioritising larger shop-in-shop formats that allow for shared costs.
The profitability of multibrand showrooms is more attractive in the current market compared to monobrand stores, which have struggled following last year’s closures involving partnerships with brands like Richemont for companies like Panerai and IWC.
Further contributing to the decline of stand-alone boutiques is a focus on consolidating sales into key flagship stores. Audemars Piguet recently ended its partnership with Arije and closed its monobrand boutique in Knightsbridge to prepare for a new AP House in Mayfair.
A March 2026 survey by WatchPro indicated that boutique numbers for several leading brands have fallen. The count of official boutiques for four major brands decreased from 97 to 91, with Breitling and Omega also reporting reductions in their respective networks.
The luxury watch market has experienced a slowdown between 2023 and 2025, rendering many locations untenable. Originally, boutiques were seen as a means to enhance customer experiences and boost sales through a more comprehensive selection and brand-specific training for staff. However, with declining sales and rising overhead costs, many boutique operations have become unsustainable, leading to the current wave of closures.
Watches of Switzerland Group’s recent financial results indicate that optimising its store network has had positive effects, with UK turnover increasing by 4% for FY26, which concluded in April. Nevertheless, despite improved trading during the latter half of the financial year due to investments in flagship stores, the EBIT margin experienced a drop from 8.1% to 7.3%, implying further challenges remain ahead.
