AFTER SEVERAL decades pulling the strings on Dunnes Stores' extensive property portfolio, we understand that Irwin Druker, one of the country's leading commercial property agents, is handing over the function to Michael Heffernan, son of Dunnes supremo Margaret Heffernan.
Michael is listed as the head of textiles on Dunnes' website, but is believed to have taken on the property role recently.
Dunnes operates from about 118 stores in the Republic and more than 160 shops when Spain, Britain and Northern Ireland are taken into account.
The move is a signal of Michael's increasing profile within Dunnes. Margaret Heffernan gave Michael shares in the retailer earlier this decade and the 38-year old is the only family member of his generation to have a seat on the board.
Druker, who is 61, is one of only a handful of external advisers to have become part of the inner circle at Dunnes, which likes to keep out of the media spotlight.
He was a founder of Druker Fanning about 30 years ago. It merged with Bannon Commercial in 2006 and is one of the biggest commercial estate agents here.
It is understood that Druker will continue to advise the retailer, but Heffernan will assume greater responsibility for Dunnes' property.
Heffernan should be a busy man. Last year, when the economy was flying, it was widely reported that Dunnes would open 12 new stores in 2008 and 30 in 2009. Some of these openings have already been shelved and with a recession appearing to be just around the corner, Heffernan might have to pull some more.
