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Troubled Nokia Closes Shanghai Store

Annoyed mobile phone manufacturer Nokia said it closes its flagship store in Shanghai, China, as part of a strategy to cut costs and trade its phones direct through carriers and retail partners as an alternative. The Finnish company confirmed it blocked its largest store for good last week, leaving Helsinki home to the last left flagship outlet. "For a while now, we've been centering on operator and third-party selling outlets, rather than our own corporal stores," a spokesman said in an email. Nokia has also sold-out and leased back its company HQ in Espoo, Finland, in an endeavor to preserve its cash orientation and concentrate on improving mobile phone sales. The one-time industry person has fallen behind in smartphones to Samsung and Apple, while also cladding hard competition from Asian rivals at the lower end of the mobile phone marketplace. Net sales of devices and services in Greater China fell down 68 percent in 2012. The company is purposing for a comeback with its extent of Lumia handsets, and late last year clinched a deal to sell them through with China Mobile. It is promising lower-priced Lumia models will charm to China's progressively tech-savvy but budget-conscious middle class.

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