The incident happened on 11 December at around 4.35pm at The Bike Shop in Crossgates.
Three masked men entered the store and demanded personal property from the shop workers, including watches and jewellery.
The suspects also threatened staff in the workshop area in the back room of the premises. They stole a Rolex watch and cash from the tills and fled the scene in a car.
Detective Constable Nathalie Tasker, of Leeds CID, said: “This was an incredibly distressing incident for the victims.
“I would like to appeal to the public for witnesses or any information to come forward to the police to assist with our enquiries.
"The watch which was stolen has great sentimental value as it was a 21st birthday present from a few years ago and we would like to reunite the item with its rightful owner.
“Anyone with any information is asked to contact Leeds CID via 101 quoting crime reference 13170578361.”