GRISTEDES CEO: NEW FORMATS HURT NYC GROCERS

NEW YORK -- Everybody loves an old-fashioned American success story. Supermarket mogul John Catsimatidis did not disappoint his crowd of 100 seminar attendees at a Learning Annex event here this month.Catsimatidis, chairman and chief executive officer of Gristedes Foods, also had sobering words for would-be entrepreneurs interested in the supermarket industry."Ten or 15 years ago, the supermarket

NEW YORK -- Everybody loves an old-fashioned American success story. Supermarket mogul John Catsimatidis did not disappoint his crowd of 100 seminar attendees at a Learning Annex event here this month.

Catsimatidis, chairman and chief executive officer of Gristedes Foods, also had sobering words for would-be entrepreneurs interested in the supermarket industry.

"Ten or 15 years ago, the supermarket business was super," he said. "We sold the best quality products at good prices

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