Key Highlights
- New York City’s supermarket billionaire John Catsimatidis threatens to cut workforce and move operations if democratic socialist Zohran Mamdani becomes mayor.
- Mamdani won the Democratic primary for mayor in June, planning city-sponsored grocery stores as part of his campaign platform.
- Catsimatidis believes a common sense place is needed for business, with Florida being a likely candidate for relocation.
- The Red Apple Group has faced financial challenges due to high shoplifting rates and overall economic conditions.
Background on John Catsimatidis and the Red Apple Group
The saga of New York City’s supermarket billionaire, John Catsimatidis, gained further momentum after Zohran Mamdani was elected as the mayor in November 2025. With a net worth of $4.8 billion, according to Forbes, Catsimatidis has been at the forefront of retail operations for decades. In 1971, he founded Red Apple Group, which now boasts over 30 stores across New York City and beyond, including Pennsylvania’s oil refinery and D’Agostino stores.
Catsimatidis’s business acumen and political influence were on full display during Mamdani’s campaign when the billionaire held a press conference with bodega owners. He publicly threatened to shut down his operations if Mamdani won the election, citing Mamdani as “not qualified” and comparing him to Fidel Castro.
Impact of Mamdani’s Election on Red Apple Group
Now that Mamdani has taken office, Catsimatidis is reconsidering his initial stance. He believes a lot of business people are reducing their exposure to New York City due to Mamdani’s election. “New Jersey didn’t go the right way,” he explains after the state elected Democratic governor Mikie Sherrill. With Florida being more favorable towards his interests, Catsimatidis is eyeing potential relocation.
“The key word is a common sense place to do business in,” says Catsimatidis. “I think a lot of business people are reducing their exposure to New York City.”
Financial Challenges and Future Outlook for Red Apple Group
Catsimatidis, who employs several thousand people, claims his stores have been losing money for at least two years due to rising shoplifting rates and economic conditions. He attributes these issues to the state of the city, with sales down despite his best efforts.
“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 says about potential city-run stores. “You can’t fight city hall.”
“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,” Mamdani said in his victory speech. His plan involves setting up city-sponsored stores that would be exempt from paying rent or taxes and offer wholesale prices without making a profit.
Conclusion
The Future of Retail in New York City
As the dust settles on the 2025 election, the retail landscape in New York City is likely to undergo significant changes. John Catsimatidis’s threats of moving his operations could have far-reaching implications for local businesses and employment. Meanwhile, Mamdani’s plans may reshape the city’s economy by providing affordable grocery options but at what cost to established retailers like Red Apple Group.
Forbes will continue to monitor the developments as both parties navigate their respective strategies in this rapidly evolving business environment.
