文 丨 《BUG》栏目 周文猛 "蓝盒子"宜家中国原亚洲最大的门店——宜家上海宝山商场，即将关闭。 根据宜家中国发布的"门店调整说明"，自2026年2月2日起将停止运营包括宜家上海宝山商场、宜家广州 番禺商场、宜家天津中北商场、宜家南通商场、宜家徐州商场、宜家宁波商场和宜家哈尔滨商场在内的 七个线下触点。 据《BUG》栏目统计，此前宜家中国共有41家门店，此轮闭店率接近两成。宜家中国对此回应称，调 整目的是增加坪效，将资源投向更贴近消费者的渠道和能力，在接下来的两年内，宜家中国也将"开设 超过十家小型门店"。 但大幅度调整背后，宜家中国所面临的经营乃至于生存挑战，也正变得日益突出。 宜家将"变小"，官方称"更贴近消费者" 宜家上海宝山商场人员告诉《BUG》栏目，目前门店已经收到闭店通知，运营时间截至2月1日，该店 售后等将转至上海其他门店。 宜家中国方面则表示：此次调整并非意味相关门店"无法继续经营"，而是宜家以优化成本、提升效率、 重新配置资源为核心所做出的主动转型。据悉，面对快速变化的零售环境，宜家将持续评估并优化业务 组合、渠道布局与运营结构，在全球与中国市场按需转型、关闭或增设业务单元，以构建面向未来 ...

Group 1 - The world economy is facing a complex situation with "Trump tariffs" acting as a brake and major countries' monetary easing serving as an accelerator [2][9] - The Federal Reserve has restarted interest rate cuts after nine months, indicating a shift in monetary policy [2][5] - Major central banks, except for the Bank of Japan, are lowering interest rates, with the average policy rate in developed countries dropping from 4.2% to 3% [5][7] Group 2 - The number of corporate bankruptcies in the U.S. has reached the highest level since 2010, with 446 large enterprise bankruptcies reported from January to July 2025 [3] - Employment market is slowing down, prompting the Federal Reserve to cut rates by 0.25% on September 17 [3][7] - Despite the influx of monetary easing, funds are not flowing into the real economy, leading to a distortion in financial markets [2][8] Group 3 - Investment in equipment is stagnating, with U.S. equipment investment expected to increase by only 0.8% in 2025 and 0.5% in 2026 [7][8] - Companies are diverting funds from equipment investment to financial markets, with a significant increase in Bitcoin holdings among global listed companies [8][9] - The average tariff rate has increased from 2.4% to 16.4%, adding an estimated $450 billion burden annually on imports [8][9] Group 4 - If monetary easing does not stimulate the real economy, investment returns in financial markets may decline, posing a risk of cooling down [9] - The Trump administration aims to attract $550 billion from Japan and $600 billion from Europe to revitalize domestic industries [9]