Big Apple billionaire John Catsimatidis planned to move his business to New Jersey if Zohran Mamdani was elected mayor. Now he’s reconsidering.
New York City supermarket billionaire John Catsimatidis went nuclear in June, when Zohran Mamdani, who had proposed opening a cheap city-run grocery story in each of the five boroughs, won the democratic primary for mayor. Catsimatidis held a press conference with Bodega owners; publicly threatened to shut down his 30-plus stores if the democratic socialist won the election; and ranted on TV. “He’s not qualified... this is silly,” he said on FOX News, comparing Mamdani to Fidel Castro. “It’s one big con game.”
He also called President Trump, who publicly backed his friend. “[Mamdani] actually wants to take over the grocery stores of John Catsimatidis, who’s a great guy, a rich guy,” Trump said of his buddy, whose net worth Forbes pegs at $4.8 billion, “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, believe me, he runs a good operation.”
Read the full story on Forbes: https://www.forbes.com/sites/martinadilicosa/2025/11/07/supermarket-billionaire-john-catsimatidis-threatens-to-cut-workforce-move-to-florida-after-mamdanis-win/
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00:00Today on Forbes, supermarket billionaire threatens to cut workforce and move to Florida after Mamdani's win.
00:08In June, New York City supermarket billionaire John Katsimatidis voiced strong opposition after Zoran Mamdani secured the Democratic primary win for mayor.
00:18Katsimatidis had opposed Mamdani's proposal to establish an affordable, city-run grocery store in all five boroughs.
00:25In response to escalating food prices, Mamdani has proposed a plan for city-sponsored stores.
00:32These stores would operate with a non-profit model, featuring wholesale grocery prices achieved through partnerships with farmers and small businesses.
00:41Crucially, they would be exempt from paying rent or taxes.
00:45The billionaire threatened to shut down his 30-plus stores if the Democratic Socialists won the election.
00:50Katsimatidis held a press conference with bodega owners and publicly ranted on TV.
00:55He compared Mamdani to Fidel Castro, telling Fox News, quote,
00:59He is not qualified. This is silly. It's one big con game.
01:04The supermarket businessman called on President Trump, who publicly backed his friends, saying, quote,
01:09Mamdani actually wants to take over the grocery stores of John Katsimatidis, who's a great guy, a rich guy.
01:16He 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.
01:23Believe me, he runs a good operation.
01:26Forbes estimates Katsimatidis' net worth to be $4.8 billion.
01:30Katsimatidis asserts that the lack of profit margins is a major struggle, noting his stores have been losing money for, quote,
01:38at least two years.
01:40He attributes this decline to the city's overall condition, claiming that record-high shoplifting and store closures have made shopping difficult
01:47and subsequently driven down sales.
01:50Katsimatidis, who employs a few thousand people, hasn't decided how his business will respond if city-run stores undercut its prices,
01:57but says he's, quote, sure he will need to reduce its workforce.
02:02He says, quote, can you imagine a tax-free supermarket that pays no commercial rent tax, no sales tax?
02:09I mean, how do you compete against that? You can't fight city hall.
02:13Katsimatidis ran for mayor in the 2013 Republican primary, but lost the nomination.
02:19He says, quote, the way things are right now, we pay taxes on our taxes.
02:24I mean, it's out of control.
02:25No wonder people are yelling and screaming that prices of food are too high.
02:30Now that Mamdani has been elected, Katsimatidis is once again agitating, telling Forbes, quote,
02:36I think a lot of business people are reducing their exposure to New York City.
02:41Katsimatidis, with his $7.8 billion Red Apple Group, has considered moving the conglomerate's headquarters to New Jersey if Mamdani were elected mayor.
02:50Red Apple Group's holdings include a Pennsylvania oil refinery, roughly 400 convenience stores, and a real estate portfolio spanning New York and Florida.
03:00He changed his mind after Tuesday's most recent election, saying, quote, New Jersey didn't go the right way.
03:06He was referring to the state resoundingly electing Mikey Sherrill as governor.
03:10Now he's looking for, quote, friendly states to relocate operations, with Florida being the most likely candidate.
03:18Katsimatidis explains, quote, the key word is a common sense place to do business in.
03:24While he threatens to relocate, Katsimatidis still has a soft spot for the Big Apple.
03:29He says, quote, I just hope he keeps the quality of life going in the city and does not cut the New York Police Department down.
03:35For full coverage, check out Martina DiLacosa's piece on Forbes.com.
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