Nokia closing flagship London retail location

Times Online reports that Nokia is closing its flagship store in London's Regent Street, a defeat for the company which opened the store to help compete with Apple.

Speculation says that the manufacturer spent 4 million GBP (US$6.5 million) to open the store two years ago. The manufacturer says the store is being closed because of poor foot traffic and sales.

After the Regent Street location closes in the first quarter of 2010, it is not known how the closure will affect other Nokia stores in the UK or in the U.S. [via EngadgetMobile]