Supermarket Billionaire Reacts to MamdaniS Win,Threatens Relocation
John Catsimatidis,the billionaire owner of Red Apple Group,expressed strong concerns following the election of New York City Mayor-elect Mamdani,voicing fears that the new governance’s policies will negatively impact his business. Catsimatidis, whose net worth Forbes estimates at $4.8 billion, publicly supported Mamdani’s opponent and has now begun to reassess Red Apple’s future in the city.
The conflict centers on Mamdani’s plan to establish city-sponsored grocery stores offering wholesale prices, exempt from rent and taxes, and partnering with local farmers and small businesses. Former President Trump echoed Catsimatidis’ anxieties, stating Mamdani “actually wants to take over the grocery stores” of the businessman. Trump revealed Catsimatidis had personally expressed concern about potentially losing control of his stores and the quality of their operation.
Catsimatidis, a lifelong New Yorker who immigrated from Greece as an infant and left New York University before graduating in 1971 to open his first Red Apple grocery store, has built a substantial empire. Red apple Group now generates $7.8 billion in revenue and encompasses a Pennsylvania oil refinery, approximately 400 convenience stores, and a real estate portfolio spanning from New York to Florida.The company acquired Gristedes supermarkets in 1986 and recently gained a controlling share in D’Agostino stores, collectively making it the largest supermarket chain in New York City, with a strong presence in Manhattan.
Following Mamdani’s victory, Catsimatidis initially considered moving Red Apple’s headquarters to New Jersey, but abandoned that plan after the state elected Democrat Mikie Sherrill as governor. He is now actively seeking “pleasant states” for relocation, with Florida emerging as the most likely candidate, prioritizing a ”common sense place to do business.”
Catsimatidis claims his stores have been operating at a loss for “at least two years,” attributing the difficulties to factors like increased shoplifting and reduced sales due to store closures. He argues that the current tax burden is “out of control,” stating, “We pay taxes on our taxes.”
He expressed skepticism about competing with city-run, tax-exempt supermarkets, stating, “You can’t fight city hall,” and predicted potential workforce reductions if Mamdani’s plan is implemented. “Can you imagine a tax-free supermarket that pays no commercial rent tax, no sales tax… I mean, how do you compete against that?”
Catsimatidis previously ran for mayor in 2013, losing the Republican primary to Joe Lhota, who subsequently lost to Bill de Blasio. Despite his concerns, he maintains a fondness for New York City, expressing hope that the new administration will “keep the quality of life going in the city and does not cut the New York Police Department down.”