Wallace Bishop, the leader of one of Australia's oldest and most successful family jewellery businesses, has died at the age of 88.

Mr Bishop's grandfather, after whom the late businessman was named, came to Australia in 1909 from Birmingham, England, and established a jewellery manufacturing business in 1917.

Brisbane's Wallace Bishop Arcade in King George Square was opened the same day World War II commenced in 1939 and stayed in the same location for 75 years.

Mr Bishop joined the business in 1950, becoming chief executive officer in 1976 and chairman in 1990 when his son Stuart took on the role of CEO.

With more than 50 stores, 500 employees and headquarters in Brisbane's Newstead, Mr Bishop acquired Hardy Brothers Jewellers in 1997 and manufactured the Melbourne Cup in Brisbane for 17 years.

ABC Radio Brisbane's Craig Zonca and Rebecca Levingston spoke to Mr Bishop in June 2018 when he received the Order of Australia.

He recalled how his love for mechanical things attracted him to the family business.

"I enjoyed my apprenticeship in the watchmaking field," Mr Bishop said in 2018.

"That was a five-year exercise a long time ago.

"That's been my motto. I've always been early to work and late home and enjoyed the company of my very loyal associates and my lovely wife and family."

Mr Bishop in 2019 was inducted into the Queensland Business Leaders Hall of Fame.