Police said they believed the two burglars had moved a trash container in front of the entrance to the jewellery store on the corner of Berliner Allee and Schadowstraße at around 12.30pm in the early hours of Tuesday morning.
The bin acted as cover for the thieves, who then broke open the metal mesh protecting the door, said Bild newspaper. Undetected, the suspects then pried open the door itself.
Once inside, the two dark-clothed men bundled tens of thousands of euros worth of luxury watches into bags and fled the scene.
Düsseldorf police, who on Wednesday still had no concrete leads to go on, are seeking witnesses to the crime. Anyone who saw anything suspicious should call police on 02118700.