Categories: Tech & Society

Nokia Shuts Its Biggest Store in the World in Shanghai

Nokia has closed down its flagship Shanghai store which was also the largest in the world.

“Nokia is focusing on growing its presence in operator and third-party retail outlets, rather than through our own physical stores. We are, of course, also continuously beefing up our online presence. With this in mind, our store in Shanghai was closed on 31 March,” said Nokia spokesperson Brett Young told ZDNet.

News of the closure first surfaced earlier this week, after local media outlets reported that Nokia had posted a sign on its closed door on Shanghai’s main pedestrian thoroughfare, Nanjing Lu, stating that the shop had shut due to internal restructuring.

The closure of Nokia’s store comes against a background of declining sales in Greater China: the move to Windows Phone and falling Symbian sales saw Nokia’s device and service net sales in China decrease from $1bn in the fourth quarter of 2011 to $213m a year later. Nonetheless, China is still a key market for Nokia: it signed a deal late last year with China Mobile which saw operator agree to carry a version of Nokia’s flagship Windows Phone 8 handset, the Lumia 920T, tailored to the Chinese market while Nokia continues to target its Asha device range at the country. Beijing also remains the site of one of Nokia’s major development hubs.

Elsehwere, Nokia has also been scaling back property holdings, recently selling off its headquarters in Espoo, Finland.

Via: ZDNet

Team TechPanda

Recent Posts

Geek Appeal: New gadgets & apps on the block

The Tech Panda takes a look at recently launched gadgets & apps in the market.…

12 hours ago

Funding alert: Tech startups that raked in moolah this month

The Tech Panda takes a look at recent funding events in the tech ecosystem, seeking…

14 hours ago

AI Launches: Fintech, SaaS, customer service, EdTech, hospitality, cleantech, consulting, graphics & skilling

The Tech Panda takes a look at recent launches in the superfast field of Artificial…

2 days ago

India’s Nari Shakti moment: Women’s workforce participation doubles as industry backs return-to-work initiatives

India is witnessing a historic surge in women’s participation in the workforce. According to Ministry…

2 days ago

Once more with feeling: An ambitious bid to build a digital Disneyland for fans

This entrepreneur, who entered the startup ecosystem when he was only thirteen years old, wants…

1 week ago