Planning Service confirmed this week that it has received an application to demolish the Tesco store and adjoining shops on Carnmoney Road.
The proposal, which was submitted to planners earlier this month, would see the construction of 112 apartments at the site, with underground parking for around 170 vehicles.
The Tesco complex is also home to several small independent stores - a hairdresser, a pet shop, off-licence, a fast food take-away and a car parts business.
Some of the business owners have reacted angrily to how they found out about the plan to demolish the site.
"We had no letters, no phone calls, nothing," said one business owner. "We only found out because someone from the houses across the road came across with a copy of the letter they received.
"We've put an awful lot of time, effort and money into our businesses. I've got five staff and I've put everything I have into this place. Surely they can't just flatten our businesses."
Another business owner added: "We pay high rent and very high rates here and I think it is appalling that we've had to find out about this in the way we have. It's despicable."
A spokesperson for Tesco stressed that while they sub-let the shops at the front of the complex, they do not own the site and are not behind the apartments plan.
She said that the store manager had only received written notification of the plan last week, pointing out that the company's lease "still has a number of years to run."
"We would like to stress that we are committed to our store on the Carnmoney Road and that this application has not been made by Tesco, nor is it being made on our behalf by another party," the spokesperson told the Times.
It is understood that Tesco are now speaking to the landlord regarding where they stand in relation to their lease, while a number of the independent retailers at the site are believed to be seeking legal advice on the matter.
Newtownabbey Mayor, alderman Nigel Hamilton, has already stressed his opposition to the plan.
The DUP man, who represents the Glengormley area, claims that the proposal is "riddled with problems", stressing that a development of 112 apartments would represent an "over densification" of the site and be "completely out of character with the local area."
"A number of people have expressed their concerns to me and a large number of residents in the surrounding area will object strongly to the proposals. They do not want to see two three-storey monstrosities that will stand out from the context and character of the surrounding residential environment," he said.
The application to build at the Tesco site was submitted by Belfast-based PBN Holdings Ltd.
The Newtownabbey Times tried to contact the agents for the project about the plan but were unable to get a response.