Tesco, which employs over 9,000 people in 34 stores across Northern Ireland, also admitted it bowed to people power when it decided not to appeal a refusal of planning permission for the outlet in the Co Antrim town.

"We listened to the views of the people in the local area and, as a result of that, we have withdrawn our appeal and are reviewing our options," a company spokesman said.

The Northern Ireland Independent Retail Trade Association welcomed the news.

According to NIIRTA, the proposed development - planning permission was refused on June 1 - had the potential to close every shop in Ballycastle.

"Tesco said it would have a turnover of £16.6m, while all the existing shops in Ballycastle presently turn over only £12m," claimed a spokesman.

NIIRTA said the proposed 47,000sq ft shop had been refused permission because the scale and nature of the proposal, at an out of centre location, was likely to lead to a significant loss of investment in Ballycastle town centre.

Another reason, said NIIRTA, was that it would not complement nor meet any existing deficiency in the overall shopping provision and would lead to an adverse impact of the vitality and viability of the town centre.

Bryan Gray of NIIRTA, who led the opposition to the store's development, said he was delighted for the town of Ballycastle as the decision had probably saved the town centre.

"Right across the UK there are hundreds of examples of large multiples opening huge stores on the edge of town with terrible consequences for local traders and for the character and vibrancy of the area," he pointed out.

"This enormous store would have destroyed Ballycastle, but NIIRTA was able to help local people help themselves and oppose this application."

He said Ballycastle had been saved, but claimed there are countless more similar planning applications which could have a major impact on towns and villages across Northern Ireland.

"That's why we need urgent action on PPS5 retail planning policy to ensure that out of town, or edge of town developments, such as this one can't go ahead.

"Independent retailers have no problems with the multiples opening up for business in town centres, we welcome healthy competition, but huge out of town or edge of town developments have been proven to lead to large scale closures and loss of jobs. "NIIRTA will continue to fight for a robust planning policy in Northern Ireland so that we can learn from the bitter experience of many communities in England, Scotland and Wales."