Nokia has confirmed that it will soon be closing its flagship store on Regent Street in London, England.

The closure comes only a year after its opening, a move that Nokia originally hoped would help it compete with the popularity of the Apple iPhone. With a price tag of $6.5 million USD, the store closure comes during the continued global economic crisis that has seen mobile phone manufacturers cutting costs at every turn.

The store will close in Q1 2010 due, officially, to poor foot traffic and lower-than-expected sales. How this closure will effect other Nokia store in the United Kingdom and those in the United States remains to be seen.