Dean Talbot and Susan Korab's 'Watch Workshop' in Peel Street, Accrington, will offer a rare full service of sales, service, repairs and refurbishments for timepieces.
The nearest such business is in Manchester and most are in London.
The shop is the fulfilment of a lifelong dream for Mr Korab who has been in the watch and repair trade for more than 22 years.
His love of watches came from his dad's hobby of collecting watches.
The shop will be opened by Hyndburn MP Sara Britcliffe on Friday.
Mr Talbot, 40, said: "We are very excited at this new venture and chapter in our lives and hoping it will be a great success.
"I am fascinated by watches and have wanted to have my own shop and workshop since childhood.
"This is a dream come true and I hope it makes life easier for watch owners in Accrington, Hyndburn and across East Lancashire."
Miss Korab said: "The shop is very rare in this day and age and unique in East Lancashire as there aren't many specialist watchmakers anymore.
"Dean started buying, repairing and selling watches from the age of 18 and over the years gained knowledge and a vast amount of experience.
"He wants to bring something new to the area.
"Dean's aim is to provide the best value and turnaround time all done on site.
"This will save local people having to travel or post their valuables to a workshop."
Dean, originally from Manchester, met Susan on a night out in Oswaldtwistle where they now live.
They are getting married in June.
Miss Korab's 19-year-old son Luke, an apprentice joiner, and his partner Kaci have helped renovate and fit out the shop.
Miss Britcliffe said: "It is great to be able to open the Watch Shop and to see another new business starting.
"I wish them all the very best for their future."
Hyndburn Council leader Miles Parkinson said: "Any new business is to be welcomed. It is new independent businesses like this which will rescue our high streets and help them prosper."
The shop offers sales of a full range of new and used watches, repairs, battery fitting, watch service and overhaul, scratch removal, watch and jewellery re-polishing, glass replacement with free quotations and a two year guarantee for all work.
Mr Talbot's six-year-old son called Alfie just got his first watch and is learning to tell the time.