And while times have changed, Jo-Jo's remained - until now, with the iconic Queen Street Mall restaurant closing its doors for the final time.

Marking the closure of his restaurant on Sunday night, hairdressing king Stefan Ackerie said he created the cafe to drive traffic for his hair salon.

Jo-Jo's originally opened as a small cafe in 1980 to service clients of Mr Ackerie's hair salon and grew to become one of the CBD's best-known and longest-lasting eateries.

The cafe initially aimed to entice hairdressing clients to Stefan's Top Shop salon, but its popularity grew so rapidly it demanded an expansion, leading to the creation of Jo-Jo's.

It led to the decision to close the hairdressing salon connected to the restaurant.

"It was one of the hardest decisions of my life - we closed it," Mr Ackerie said.

"The hunter became the hunted. We did Jo-Jo's to create traffic for the shop, now the shop has become, we closed it.

"The week, the day, we closed it, everybody used the chairs that were in it, to eat on."

Last month, Mr Ackerie announced he would be closing the landmark, with its rainbow-themed signage.

"We are not sad, we are happy," Mr Ackerie said on Sunday night.

"I'm glad where we are going."

Mr Ackerie said that to stay at the current location on the Queen Street Mall, the business would need to redevelop.

"To redevelop to make it competitive for today, it's a huge job," he said.

Mr Ackerie cited the large Queen's Wharf development, including a casino, due to take shape in the CBD.

Jo-Jo's has been the anchor tenant of the Pavilion Building for nearing 40 years, situated upstairs where the Queen Street Mall meets Albert Street.

Attending the closing night was Channel 9's Melissa Downes, former premier Campbell Newman and his wife Lisa, Ipswich Mayor Paul Pisasale, Greater Springfield entrepreneur Maha Sinnathamby, former Brisbane City Council lord mayor Sallyanne Atkinson and federal member for Ryan Jane Prentice.

Queensland Police Commissioner Ian Stewart, also in attendance, said he and his wife Carol went on several dates at Jo-Jo's Downstairs when it first opened.

"We've been together ever since and darling, thank you for sticking with me, because we've stuck with Stefan ever since," he said.

The Queensland Police Service has regularly partnered with Mr Ackerie's Make a Sick Kid Smile foundation, with motorbike officers helping deliver toys to children in hospital.

Commissioner Stewart said he regarded Mr Ackerie and his wife Rose as personal friends.

"I regard them as stalwarts of the business community in Brisbane, they've been here for so many years, they've had so many successes," he said.

"Bit sad, tonight, that they're leaving this premises, but we all know, and we're all looking forward to the next iteration of Jo-Jo's.

"It's really wonderful, the work that you've done, but particularly can I thank you for your charitable work because there's lots of kids in Queensland who really, really have benefited from your charity."

While the restaurant is closing in the CBD, Jo-Jo's will live on at Stefan headquarters on Melbourne Street, South Brisbane.

Jo-Jo's on Melbourne will open on May 31 as part of a "lifestyle hub", including a gift and furniture business, The Bach Living.