Born in 1934, Wallace was the grandson of the original Wallace Bishop, who founded the jewellery company in 1917.

During the establishment of the Queen Street Mall in the 1980s, Mr Bishop was a key member of the Brisbane Mall Advisory Committee and had a large influence on the development of the major retail precinct.

Under his leadership, Wallace Bishop increased from three Brisbane City-based stores to the current 56-store operation in Queensland and New South Wales.

Speaking after the ceremony, Mr Bishop said his proudest achievement was maintaining the company’s its reputation for over four generations.

“I always knew I wanted to follow in my father’s and grandfather’s footsteps and be involved in the company,” Mr Bishop said in 2017.

“As we celebrate 100 years of operation it means so much to our family to be recognised in the Lord Mayor's Business Awards.

“The Lifetime Achievement Award is a lovely affirmation of our company’s role as an integral part of Brisbane’s business community during this special year."

For more information about the Lord Mayor’s Business Awards, visit lmba.com.au.