Nokia is closing its high street retail outlets worldwide in favour of an reinvigorated online sales strategy and greater use of mobile network operators' retail outlets.
"Nokia is crystallising its branded retail strategy, aiming at improving operational efficiency of its retail network. This requires revamping of the retail network and, as a consequence, Nokia has plans to close Nokia Regent Street in Q1 2010," a spokesman said.
The world's biggest mobile phone supplier would also close shops in New York and Chicago.
Nokia's online outlet, the Ovi Store, was launched last May to combat Apple's success with its online store. However, it has been dogged with reliability problems.
Nokia plans to relaunch the Ovi Store next spring, the FT reported. Features will include faster operation, payments (Nokia said it would set up a financial services operation in August), a redesigned user interface that makes apps easier to finder. It would also include recommendations based on friends' app purchases and more localised content, the FT said.