According to this rather lengthy video, Rolex is dropping hundreds of smaller Rolex “dealer” outlets and instead creating Rolex megastores in “prime” locations such as London (!!!) and Manhattan (!!!).
It would appear that the main reason behind this is that Rolex wants to protect their brand by limiting the number of outlets, dropping smaller stores (regardless of relationship longevity) so that they can control the whole “Rolex buying experience” and provide their customers with the proper treatment with fine ambience, better-trained staff and so on. Also, these larger stores can carry the extensive Rolex range that a smaller store couldn’t.
It all sounds well and good, except that the actual reason, it seems to me, is that during the sales spike caused largely by the Great Covid Panic of 2020, the people who really made money weren’t Rolex themselves but the profiteers who bought their watches and resold them on the “grey” market — and Rolex, like Ferrari, wants to keep as much of the market to themselves. (Same tactics, different product.)
Of course, there’s nothing wrong with what they’re doing. As long as there are people willing to pay the inflated prices of their products, then good luck to them.
My own personal take on the thing is that I’m indifferent because (regardless of any lottery winning) I would never be a Rolex sucker buyer in the same way as Ferrari would forever be outside my list of automotive choices (except maybe a Dino, although given the current price list of same… nah, never mind). Sorry, I’m no longer impressed by brand names, especially when the brand’s “value” is artificially pumped up by fools and suckers with more money than sense. And even more so when the brand operates in a commodity category like watches.
And finally, I happen to think that those big, blocky things like the Submariner are just… ugly. I’m not a scuba diver so I’ll never need one, and anyway, there are other watches just as good for half the price and a tenth of the Rolex attitude (once again, see: Ferrari dealers).
A pox on all their houses.
My brother in law has spent decades buying Rolex watches on the used market and “upgrading” them from time to time. (see what I did there?) I’ve been generally happy with the Seiko watches I have bought. the only reason I see to buy a Rolex watch is for the reason that special forces soldiers bought them back in the 1960s. It’s a well known luxury brand and it can be used to barter your way to safety. Well, I avoid going to turd world shit holes so I don’t think I need to barter my way out of a really bad spot. As far a show piece, I think you’re right Kim, they’re big clunky and gauche.
“A Rolex, though ugly, will pay for itself in quim.”
— Harry “Chase Me Ladies, I’m In The Cavalry” Hutton
“…especially when the brand’s “value” is artificially pumped up by fools and suckers with more money than sense.”
See also: Pappy Van Winkle whiskey.
I had an uncle that serviced and sold Rolex’s in his shop. He also sold Bulova and I received a skeletonized Accutron as a high school grad gift. It needs a battery and a service now ($250ish). Fast forward 5 years to 1984 when I was in the Air Force and he gives me a call. He had a 12 year old Rolex stainless, blue faced Submariner watch that he took on trade for a new Rolex. The watch was just under my E-3’s monthly pay. He serviced it for free over the years but passed over 20 years ago. It looses 5 to 8 minutes every hour and is due a major cleaning ($1200ish). If I was to get the Submariner serviced it is worth about $18k, about the same if I invested the money spent on a stock market index fund.
I have 3 watches, two that need servicing and a Citizen Ecodrive that is the choice for required watch wearing as it keeps accurate time, usually at church. The Submariner is still worn as jewelry to weddings and funerals.