April 4 Struggling mobile phone maker Nokia
said it shut its flagship store in Shanghai, China,
as part of a strategy to save costs and sell its phones through
carriers and retail partners instead.
The Finnish company confirmed it closed its biggest store
for good last week, leaving Helsinki home to the last remaining
"For a while now, we've been focusing on operator and
third-party retail outlets, rather than our own physical
stores," a spokesman said in an email.
Nokia has also sold and leased back its company headquarters
in Espoo, Finland, in an effort to preserve its cash position
and concentrate on improving mobile phone sales.
The one-time industry leader has fallen behind in
smartphones to Samsung and Apple, while
also facing tough competition from Asian rivals at the lower end
of the mobile phone market.
Net sales of devices and services in Greater China fell 68
percent in 2012.
The company is aiming for a comeback with its range of Lumia
handsets, and late last year clinched a deal to sell them
through China Mobile. It is hoping lower-priced Lumia models
will appeal to China's increasingly tech-savvy but
budget-conscious middle class.