The family menswear business has been sold to New Zealand menswear tailor and retailer Rembrandt.
However, the Shepherds will remain in store with Bob Shepherd's son, Robert, managing the newly rebranded outlet, the first Rembrandt store in the South Island.
Mr Shepherd sen said the challenges faced by a stand-alone menswear store had become too great and he and his son had decided it was time to sell.
Keeping stock current, rejuvenating the store and running the business required a lot of time and financing.
The family had a longstanding relationship with Rembrandt, which also started business in 1946, so it was a natural option, he said.
Rembrandt believed in the same quality and service he did.
Bob Shepherd Menswear was sold in February and it would close on November 17, reopening under the Rembrandt brand on December 1.
''It hasn't hit me yet. I'm quite excited about the lovely new store. I've had a wonderful time and I thank Dunedin people for supporting us.''
Despite being 68, he did not see the change as a time to retire.
''I couldn't stay at home. There's only so many rounds of golf you can play.''
However, he did have an agreement with the new owners that his Wednesday golf date of 39 years could be retained.
''This could be the best job I've ever had.''
Rembrandt retail manager Chris Harford said the purchase of the store was a natural option for his company as they had worked so well together over the years, had similar values, plus the George St store was a great location.
''There will be a new look, a totally renovated store but the Shepherd team, their knowledge, experience and service will remain a big part of it.''
The company specialised in fashion tailoring - its Wellington tailoring factory is the last of its type in Australasia - but also produced casual clothing and had an online store.
