New York City billionaire and supermarket owner John Catsimatidis reacted sharply in June when Zohran Mamdani — who campaigned on creating a low-cost, city-run grocery store in each borough — won the Democratic mayoral primary. Catsimatidis held a press conference with bodega owners, publicly threatened to shut down his more than 30 stores if the democratic socialist won, and criticized him on national television. “He’s not qualified… this is silly,” he said on FOX News, likening Mamdani to Fidel Castro and calling the proposal “one big con game.”
He also contacted President Trump, who publicly supported him. “He actually wants to take over the grocery stores of John Catsimatidis, who’s a great guy, a rich guy,” Trump said, referencing a conversation between the two. “He actually called me the other day, he’s concerned his stores are going to be taken from him, and they won’t be run like John runs them.”
Now that Mamdani has won the general election, Catsimatidis remains troubled by the direction of the city. “I think a lot of business people are reducing their exposure to New York City,” he says. His Red Apple Group — which generates $7.8 billion in revenue and includes a Pennsylvania oil refinery, hundreds of convenience stores, and extensive real estate holdings — had been preparing to move its headquarters to New Jersey if Mamdani became mayor. But after Tuesday’s election outcome in New Jersey, where Democrat Mikie Sherrill won the governorship, he abandoned that plan. “New Jersey didn’t go the right way,” he says. He is now exploring “friendly states,” with Florida at the top of the list. “The key word is a common sense place to do business in.”
Catsimatidis immigrated to New York from Greece as an infant and dropped out of NYU to open his first Red Apple grocery store in 1971. Four years later, he owned ten stores and was earning $1 million a year. Today, his company — which acquired Gristedes in 1986 and recently gained control of D’Agostino — says it is the largest supermarket chain in New York City, with most stores concentrated in Manhattan.
Mamdani’s plan aims to address soaring food prices by launching city-sponsored stores that pay no rent or taxes, partner directly with farmers and small businesses, and sell groceries at wholesale cost with no profit goal. “Whether you are… a single mom still waiting for the cost of groceries to go down, or anyone else with their back against the wall. Your struggle is ours, too,” he said during his victory speech.
Catsimatidis argues that rising costs are his struggle as well. “We don’t have any profit margins,” he says, adding that his stores have been losing money for “at least two years.” He attributes much of the problem to the city’s current conditions: “Shoplifting is up to an all-time high. A lot of stuff is being closed up, which means that it’s not easy for people to shop, so sales are down.”
Employing several thousand workers, he hasn’t determined how his business will react if city-run stores undercut private prices. But he is convinced layoffs would be likely. “Can you imagine a tax-free supermarket that pays no commercial rent tax, no sales tax… I mean, how do you compete against that?” he asks. “You can’t fight city hall.”
Catsimatidis previously ran for mayor in the 2013 Republican primary, losing to Joe Lhota, who later lost the general election. He remains frustrated by New York’s tax landscape. “The way things are right now, we pay taxes on our taxes. I mean, it’s out of control,” he says. “No wonder people are yelling and screaming that prices of food are too high.”
Despite his complaints and threats to move operations elsewhere, Catsimatidis still expresses loyalty to his home city. “I just hope he keeps the quality of life going in the city and does not cut the New York Police Department down,” he says.
