"It's been a long association," Mr Molloy said. "It's time to hang up the tape measure and become old Mr Grace."
Like everything in life it had to come to an end, Mr Molloy said.
"It's nice to have the new blood taking over and it's nice to think that my name continues to be on the building. The legacy of the business continues," he said.
Mr Molloy has seen plenty of change over the years.
"There's been a lot of stores come and go.
"People's shopping habits have changed and the hours have certainly changed.
"I think a lot of the changes are for the better.
"I think people are becoming more fashion conscious," he said.
Mr Molloy has plenty to look forward to.
He plans to continue his travels and do some voluntary work for charities such as the hospice.
"While Jason is here working I'll be at home sipping on champagne."
As for Jason, he was looking forward to the new role.
"I'm looking forward to my new challenge as owner, always coming up with new and exciting ideas when it comes to fashion."
The future of the business is in custom tailored suits, he said.