A competitive neural network model was recently proposed to describe the dynamics of cortical maps, where there are two types of memories: long-term and short-term memories. Such a network is characterized by a system of differential equations with two types of variables, one models the fast neural activity and the other models the slow modification of synaptic strength. In this paper, we introduce a time delay parameter into the neural network model to characterize the signal transmission delays in real neural systems and the finite switch speed in the circuit implementations of neural networks. Then, we analyze the global exponential stability of the delayed competitive neural networks with different time scales. We allow the model has non-differentiable and unbounded functions, and use the nonsmooth analysis techniques to prove the existence and uniqueness of the equilibrium, and derive a new sufficient condition ensuring global exponential stability of the networks.