The Apple Store on London’s Regent Street. Photo credit: jeffwilcox

In a telling illustration of just how difficult it has been for companies to compete head-to-head with Apple in the retail space, Nokia announced plans to close its retail store on London’s Regent Street — a store situated directly across from the Apple Store.

At the time it opened in 2004, the Apple Store on Regent Street store was the company’s first European location, and it reportedly now takes in more cash per square foot than the famous London department store Harrods. This is all the more impressive when you consider that the first 2 stores Apple opened anywhere were both opened in 2001.