The multi million pound scheme would see an additional 141,965 sq ft of new retail space being built at the York out-of-town centre as well as a new community stadium to become home to York City FC.
A report commissioned by traders in the city itself said businesses could expect to lose 15%-17% of their existing trade, amounting to £19 million per year, should the development be given the go-ahead.
But businesses in towns further afield, such as Selby and Tadcaster, have voiced concerns that having such a large out-of-town shopping centre on their doorstep could impact of the viability of existing centres.
Speaking to the BBC's Look North programme, Mark Wetherell of Wetherells Department Store said, "We're working on a very finely balanced economy at the moment.
"Things are pretty tough. We've got a lot of empty shops in the small surrounding towns and I'm afraid that ease of parking in the out of town centres drives customers away from small surrounding centres.
"I'm frightened that we're going to lose a few jobs."
Wetherells has been a permanent fixture in Selby's high street since Charles Edwin Wetherell opened the family's first store on New Street in 1896, moving to the crescent in 1906.
The application to expand the Monks Cross Shopping Park is currently being considered by planners at City of York Council and can be viewed on their website.

