星巴克中国前CEO蔡德粦将掌舵恒隆，商业地产为何需要一个“卖咖啡的”？

红星资本局08-09

从“卖咖啡”到“管商场”，地产江湖来了一个跨界者。日前，恒隆集团（00010.HK）与恒隆地产（00101.HK）联合宣布，委任蔡德粦为集团执行董事及候任行政总裁。　　这位曾在星巴克中国操盘，将门店数从600家扩张至6000家的快消老将，将于10月1日正式掌舵这家香港老牌商业地产公司。　　年薪2052万港元、保底花红253万港元，外加1000万股恒隆地产股份期权——恒隆集团为新掌门开出的价码，...

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Why does commercial real estate need a \"coffee seller\"?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ERET":1.5,"SRS":1.5,"AVRE":1.5,"FREL":1.5,"CSRE":1.5,"LPRE":1.5,"IYRI":1.5,"JRE":1.5,"SRHR":1.5,"DRW":1.5,"RWO":1.5,"URE":1.5,"GQRE":1.5,"HAUZ":1.5,"DVRE":1.5,"PSR":1.5,"SRET":1.5,"NRO":1.5,"BREW":0.6,"IRET":1.5,"VGSR":1.5,"DPRE":1.5,"RNTY":1.5,"BLDG":1.5,"DFAR":1.5,"ACVU":1.5,"IQRA":1.5,"JPRE":1.5,"CRIB":1.5,"REAI":1.5,"KBWY":1.5,"SBUX":1.5,"TRUR":1.5,"GRI":1.5,"RSPR":1.5,"FREI":1.5,"PBJ":0.6,"HIPS":1.5,"SBU":0.6,"FPRO":1.5,"RINC":1.5,"DFGR":1.5,"BYRE":1.5,"XLRI":1.5},"content_text":"从“卖咖啡”到“管商场”，地产江湖来了一个跨界者。日前，恒隆集团（00010.HK）与恒隆地产（00101.HK）联合宣布，委任蔡德粦为集团执行董事及候任行政总裁。　　这位曾在星巴克中国操盘，将门店数从600家扩张至6000家的快消老将，将于10月1日正式掌舵这家香港老牌商业地产公司。　　年薪2052万港元、保底花红253万港元，外加1000万股恒隆地产股份期权——恒隆集团为新掌门开出的价码，折射出这家以高端商场为核心资产的企业，正试图用“卖咖啡的逻辑”来重新理解“如何让人掏钱消费”。　　8月9日，就蔡德粦到任后的品牌规划，红星资本局向恒隆集团发送采访函，截至发稿尚未回复。 蔡德粦是何来历？　　公开资料显示，恒隆地产是恒隆集团的地产业务机构，在港拥有多元化的地产业务，1990年代起在内地主要城市建造、持有及管理世界级商业综合项目，“恒隆广场”综合体项目为其中代表。恒隆集团官网显示，恒隆集团在上海、天津、杭州、武汉等多个城市共打造了22个物业项目。　　根据前述公告，蔡德粦获委任为恒隆集团执行董事及候任行政总裁，于9月7日起生效，并将自2026年10月1日起接替卢韦柏正式成为新任行政总裁。委任没有固定任期，须遵照恒隆集团、恒隆地产各自公司章程，接受股东选举连任。原行政总裁卢韦柏将留任至9月30日，其后转任董事长顾问一年，为董事长陈文博提供策略性意见及支持。　　公告同时披露了蔡德粦的薪酬待遇：年薪2052万港元，2026年获得不少于253万港元的奖金。同时，因其同时担任两家上市公司董事，可领取每年约155.4万港元董事袍金。此外，根据恒隆地产2022年采纳的股份期权计划，蔡德粦还将获授可认购1000万股恒隆地产股份的期权。　　公告显示，蔡德粦现年56岁，在大中华区及亚太地区消费品、零售、食品饮料及玩具行业拥有超过30年领导经验，业务范畴涵盖市场营销、运营及综合管理，历任百事公司大中华区华东区副总裁兼上海百事可乐饮料有限公司总经理、星巴克中国行政总裁。据香港商报网报道，在星巴克任职逾十年间，蔡德粦推动门店网络从约600家扩展至6000家，实现了10倍的增长。　　2023年4月起，蔡德粦担任玩具“反”斗城（亚洲）有限公司行政总裁兼执行董事，任职期间带领公司围绕“成人向童趣（kidults）”理念以及轻资产扩张模式，推动企业在亚洲主要城市完成转型发展。 恒隆为何选了一个“卖咖啡的”？　　公开资料显示，恒隆集团此前两任CEO陈南禄、卢韦柏分别出身航空与银行体系，并无快消行业经验。为什么这次选择了一位纯快消出身的人士？　　全联并购公会信用管理委员会专家安光勇向红星资本局分析，恒隆集团现在并不缺地产开发能力，更需要消费者、品牌和体验运营能力，这也正是蔡德粦的优势所在。品牌IP营销专家陈彦颐也告诉红星资本局，恒隆这次打破惯例，本质上是一次从“地产逻辑”到“品牌逻辑”的切换，“增量时代结束，核心命题不再是‘盖新楼’，而是‘如何让恒隆广场这个IP在消费者心智中持续溢价’”。　　陈彦颐表示，这一判断背后是恒隆集团近年来经营逻辑的转变。据恒隆集团2026年中期财报，上半年内地商场组合整体租赁收入按人民币计值同比增长6%至25.67亿元，创历史新高；期末整体租出率上升两个百分点至96%，租户销售额按年攀升17%。　　但“增收不增利”现象同样明显。2026年上半年，恒隆集团股东应占基本纯利为11.23亿港元，同比下跌6%。财报将下跌原因归于内地物业销售业务因确认非现金物业减值拨备而录得较高营业亏损。安光勇解释称，所谓物业减值拨备，是指当物业的账面价值高于其可收回金额时，企业按照会计准则要求，预先计提的一笔损失准备。“简单说，就是承认这块资产现在不值账面上那么多钱了”。　　更关键的信号来自消费结构。据时代周报此前报道，卢韦柏在今年7月31日业绩发布会上透露，上半年恒隆内地商场固定租金同比增长3%，提成租金增长22%，收入增长更多依赖租户销售额提升而非单纯涨租，“集团在不断增加餐饮、酒吧、外摆区域等体验式业态，希望客人可以在商场停留久一些，黏性高一些”。　　今年4月28日开业的杭州恒隆广场，据财报显示，截至2026年6月30日已实现收入3700万元人民币，租出率达89%。在实现高租出率之后，如何提高消费是恒隆集团面临的课题。　　“恒隆需要的不再只是‘算租金坪效’的资产管理人，更是‘懂得如何做消费’的体验架构师。蔡德粦的履历恰好与此契合——但地产江湖的规则，终究与卖咖啡不同，重奢招商的圈层关系、资产端的资本运作，属于消费从业履历无法覆盖的范畴，还需要原有管理团队协同补位。”陈彦颐说。　　红星新闻记者俞瑶实习记者陆珊珊（文章来源：红星资本局）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2658672993","isCrawlerRequest":true}