"When you own your own business it's a great motivation to keep going, there's money tied up in it."
Mr McGillivray moved to Rotorua from Christchurch in the mid-1960s and intended to buy the Toot'n Whistle train business.
When that purchase fell through he instead bought a jewellery store next door to the current site. He admits to doubts at the start as to whether jewellery and souvenirs was a reliable business, but the mix of locals and tourists kept the business humming.
One of the biggest changes in the business was the switch from mechanical and automatic watches to digital, he said.
"It changed the whole jewellery trade."
But he adjusted and the shop now changes about 30 watch batteries a day.
He said he was also one of the first Rotorua shops to open its doors on a Saturday, which was quite radical at the time.
It was popular with shoppers immediately, he said.
Another change was the transition from cash to credit cards - although this may well have been good for business.
"It doesn't seem quite so painful when you don't see the cash going out."
He said he thought of himself as a "family jeweller" and the term "iconic" had often been used to describe the corner store.
"We get young couples buying their engagement and wedding rings and 20 years later their kids will come in and go through the same process."
For many in Rotorua, the shop is known for its catchy radio ads, voiced by Mr McGillivray and ending with the phrase: "If these prices don't excite you, check your pulse, you might be dead."
It was his idea - an attempt to make his ads stand out from competitors. The same goes for the "Mad Jeweller" concept - which was inspired by the Mad Butcher. "We should have got together."
Young and old still frequently quote the "check your pulse" phrase at him, but he reckons he doesn't mind.
The irony is after completing eight marathons, he had to get a pacemaker inserted as his heart rate was too slow, he said. "So I check my pulse all the time."
Some of his favourite memories involve his loyal customers, as well as encounters with local "characters" - "Archie" and "Dirty Harry" among others.
In its time the shop has won numerous awards, while Mr McGillivray has been a district councillor, Retailers' Association president and has been involved with Rotary and Keep Rotorua Beautiful.
Helping him run his business were first wife Christine, who died after 28 years of marriage, and current wife May.
"You need that support at home ... coping with the stress."
It's been a fulfilling career and if he had the energy he would love to go back and do it all again, he said.
Instead, he wants to say thanks to all those that supported him over the past 48 years.
The business remains on the market and Mr McGillivray hasn't given up hope that while it may be the end of an era for him, the shop could still live on.
"I would love to see it continue. It would be hard to see it as a vacant shop ... it has so many memories."