"Since the onset of the downturn retail demand has weakened," JP Nambiar, head of retail at Jumbo Electronics told the paper. "Consumers are hunkering down as they try to repair their personal balance sheets."
The survey showed that 38.9 percent of the 18 major retail names questioned put their sales decline at between 11-20 percent, while another 27.7 percent estimated the slowdown in sales at five to 10 percent, the paper added.
Last month, it was reported that a total of 45 percent of UAE consumers were confident the country would emerge from the recession in the next 12 months.
The figure, which comes from the Nielsen Global Consumer Confidence report for the second quarter, is an increase of 13 percent, compared to a previous survey conducted in March.
The Emirates Business poll showed only 11.1 percent of retailers claimed to be immune to the slowdown, saying they had yet to witness any cutback in consumer spending.
All retailers polled said they believed the growing number of shopping malls in the country would hit their profitability.