He said it was "a good time to get out" of retailing as more central city stores closed and new shopping developments were built in the outer suburbs.
"There is huge pressure in retailing and I worry about the future of the CBD in Rotorua," he said.
"The outlying shopping centres being built are sucking the life out the CBD, which has been Rotorua's front window."
The former Rotorua District councillor, who masterminded the shop's "Mad Jeweller" promotional tag "check your pulse" lamented that there was not enough retailer representation on the current council to influence policy.
But he is looking forward to turning his attention from yoke springs and barrel bridges to animals and community work from April 1.
"I had postponed retirement for many years but now I'm ready."
His wife, May, and long-serving staff members, Ann Tan and Colleen Whibley, had given support behind the counter of the successful business, he said.
"May has been a tower of strength and helped retain the harmony at home."
Mr McGillivray will now have more time to help with Rotary and SPCA and to enjoy taking dogs for walks.
The septuagenarian self-described "workaholic" said his long working life had been made possible by keeping physically and mentally fit, as well as taking breaks, to offer customer service.
"There seems to be a lot of stressed people in a hurry now than there was," he said.
"They all want something done right away and are not prepared to wait - they just go down the road instead.
"The customer may not always be right but he is your customer and humour and friendliness with a smile will always help lighten up the relationship with the customer," he said.
Many generations of families have purchased watches or rings from the shop.
"There has been a lot of fun occasions and nice situations have arisen with customers, which is an important part of retailing."
