It might be a small change but it certainly brings the branding in line with the company's other properties like Windows Store and Office Store.
Microsoft is yet to officially comment on this upcoming change that is likely to be made along with the release of first Windows Phone 8 devices, which are expected this autumn.
First showcased in June, the new operating system aims to unify the company's Windows across screens. It will feature voice commands, Skype calling, near-field communication (NFC) for wireless transactions and built-in maps for GPS directions. Windows Phone 8 will also come an updated customisable start screen.
With the re-branding of Windows Phone Marketplace, only one other property from the Redmond-based company will have the Marketplace title - Xbox Live Marketplace.
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