Billionaire Supermarket Owner Shares Surprising Reaction to Mamdani’s Victory

Billionaire John Catsimatidis is back in the spotlight, especially after Zohran Mamdani won the Democratic primary for New York City Mayor. In the past, Catsimatidis, who runs a major grocery chain, threatened to pull his business out of the city if Mamdani won. He publicly criticized Mamdani’s plan for city-run grocery stores, calling it “silly” and comparing Mamdani to Fidel Castro on FOX News.

Catsimatidis’s concerns echoed those of former President Trump, who worried that Mamdani’s policies could threaten the operation of Catsimatidis’s store empire. With a net worth of $4.8 billion and control of the Red Apple Group, which operates over 30 grocery stores, 400 convenience stores, and holds real estate from New York to Florida, his influence looms large.

Despite these tensions, Catsimatidis has shifted his focus after Mamdani’s election. He now contemplates moving his operations to “friendly states” like Florida, citing recent political outcomes in both New York and New Jersey as reasons for his change of heart. He emphasizes the need for a business-friendly environment, expressing concerns about increasing taxes and prices, and how these factors could jeopardize profitability.

Mamdani’s plan for city-run grocery stores aims to address rising food costs, partnering with local farmers to offer groceries at wholesale prices. Catsimatidis argues that his stores are already struggling due to factors like high rates of shoplifting and rising operational costs. He points out that, if city-run stores undercut his prices, he may be forced to downsize his workforce, highlighting the challenges of competing against tax-free entities.

Historically, Catsimatidis has faced tough competition in the New York market, but his resilience is evident. He opened the first Red Apple grocery store in 1971 and rapidly expanded. Today, he claims to lead the largest supermarket chain in New York City.

While he grapples with the changes in leadership and policies, Catsimatidis still holds affection for New York. He expresses hope that the new mayor prioritizes quality of life and maintains support for law enforcement.

With ongoing discussions about the future of grocery stores and the economic landscape in New York City, user reactions and social media conversations reflect a mix of concern and support for Mamdani’s plans. People are weighing in on affordability, access to fresh food, and the implications for local businesses.

As the city navigates these changes, experts underline the importance of adapting to new economic realities. A recent survey from the National Retail Federation revealed that 70% of small retailers are worried about competing with giants, highlighting a common struggle across industries.

Catsimatidis’s journey from a young immigrant to a supermarket mogul is a testament to his adaptability and resilience in an ever-changing landscape. His story resonates with many who are vying for their place in a competitive market while balancing the city’s evolving political scene.

For further insights, consider reading reports from the National Retail Federation or exploring the economic impacts of local business changes through various economic studies and analyses.

Source link

Mamdani,Trump,Mayoral Election,Catsimatidis,New York City,NYC,Gristedes,D'Agostino,John Catsimatidis