Supermarket Billionaire โคReacts to MamdaniS Win,Threatens Relocation
Johnโฃ Catsimatidis,the billionaire ownerโ of Red Apple Group,expressed strong โฃconcerns following theโฃ election of โNew York City โฃMayor-elect Mamdani,voicing โfears that the new governance’s policiesโ will negatively impact his business. Catsimatidis, whose net worth Forbes estimates at $4.8โฃ billion, โฃpublicly supported โMamdani’sโฃ opponent and has now begun to โreassess Redโข Apple’s future โขin the city.
The conflict centers on Mamdani’s plan โto establish city-sponsored grocery stores offering wholesale prices, exempt from rent โand โฃtaxes, and partnering with local farmers โฃand small businesses.โ Former Presidentโค Trump echoed Catsimatidis’ anxieties, stating โคMamdani “actually wants to takeโฃ over the grocery stores” of the businessman. Trump revealed Catsimatidis had personally expressed concernโค about potentially losing controlโฃ of his stores and the qualityโค ofโ their operation.
Catsimatidis, aโฃ lifelong New Yorker who immigrated fromโ Greece as โan infantโ and left New York University before graduating inโข 1971 to openโ his first Red Apple grocery store, has built a substantial empire. Red apple Group now generates $7.8 billionโ in revenue and encompasses a Pennsylvania oil refinery, approximately 400 convenience stores, and a โคreal estate portfolio spanning from New โYork to Florida.The companyโข acquired Gristedes supermarkets in 1986 and recently gained โขa controlling share in D’Agostino stores, collectively making it the largest supermarket chainโ in New York City, with a strongโ presence in Manhattan.
Following Mamdani’s victory, โฃCatsimatidis initially considered โฃmovingโข Red Apple’s headquarters to New โJersey,โ but abandoned that plan after the state elected Democrat Mikie Sherrill โฃas governor. He is now actively seeking “pleasant states”โ forโค relocation, with Florida emerging asโ the most likely candidate, prioritizing a โ”common sense place to do business.”
Catsimatidis claims his stores have been operating โat a loss for “at least โtwo โคyears,” attributingโ the difficulties to factors like increasedโข shopliftingโข and reducedโ salesโ due to store closures. He โargues that the currentโข tax burden is “out of control,” stating, “We pay taxes on our taxes.”
He expressed skepticism about โคcompetingโฃ with city-run, tax-exempt supermarkets, stating, “You can’t fight city hall,”โ and predicted potential workforceโค reductions if Mamdani’s planโ is implemented.โฃ “Can youโ imagine aโข tax-free supermarket that pays no commercial rent tax, no sales taxโฆ I mean, how do you compete against that?”
Catsimatidis previously ran for โmayor in 2013, losing the Republican primary to Joe Lhota,โ who subsequentlyโค lost to Bill โขde Blasio. Despite his โขconcerns, he โคmaintains a fondness for Newโ York โCity, expressing hope โขthat the new administrationโ will “keep theโข quality of life going inโ the city andโฃ does not cut the New York Policeโข Department โdown.”
