Rolex boutique, two other luxury brand stores on Guam to close shop
- Admin
- Aug 8
- 2 min read
By Mar-Vic Cagurangan
Caronel Inc., the exclusive retailer of Rolex and other name-brand wristwatches on Guam, will close its three remaining stores, winding down its more than five decades of operation in the region amid the shrinking market for luxury shopping.
The Caronel Watch Center at Dusit Place in Tumon is beating the clock. It has begun clearing its inventory, putting its merchandise on sale for up to 60 percent off their regular price tags until it closes at the end of this month.
While declining a request for an interview “due to the sensitivity of the subject,” the Caronel management confirmed that Time & Style at GPO in Tamuning will close shop on Oct. 31, and the Rolex Boutique at Dusit Place, on Dec. 31.
Caronel shut down its Rolex Boutique at Tumon Sands Plaza last year, following the closure of other high-end brands in the mall and the migration of others to other locations.
Operating under its registered company DKSH Guam Inc., Caronel was established on Guam in 1972 as the premier dealer of European and American luxury brands in Micronesia. It is a subsidiary of the DKSH Group, a Swiss company with headquarters in Zurich.
The company specializes in regional distribution and retail sales of luxury and fashion watches, optical, jewelry and accessories.
Besides Rolex, Caronel also markets 15 other name brands, including Tudor, Maurice Lacroix, Tag Heuer, Seiko, Ray-Ban, Oakley and G-Shock among others.
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Guam’s reputation as a shopping mecca in the region appealed to Asian tourists, especially those with an appetite for high-end brands.
However, Guam's tourism industry, which is heavily reliant on visitor spending, is still recovering from the pandemic, with 2024 figures showing a mix of positive trends and persistent challenges.
While visitor arrivals are trending upwards, they haven't yet reached pre-pandemic levels.
The weakened Japanese yen and Korean won have made it more expensive for visitors from these key markets to shop in Guam, where the U.S. dollar is the currency.
In a statement, the Guam Visitors Bureau said, "We extend an Un dangkulu na Si Yu'os Ma'åse' to Rolex for their many years of service on Guam. Our thoughts are with their dedicated team during this time."
GVB said it "remains committed to supporting our local businesses, entrepreneurs and service providers as we all work to welcome visitors to a vibrant, thriving destination. We look forward to new opportunities ahead."
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