It is anchored by JCPenney, Macy's (formerly The Bon Marche) and Nordstrom and comprises both a traditional enclosed mall and two open-air areas known as The Village and The Terraces.

It was named after the unincorporated area called Alderwood Manor where the mall is located, now part of the city of Lynnwood, Washington.

[18] As part of the proposed Everett Link Extension, which would extend Link light rail service from Lynnwood Transit Center north to Everett, Sound Transit plans to add a light rail station within the mall's vicinity; it is not expected to open until 2037.

The mall was later sold to the New York State Common Retirement Fund, which retained DeBartolo's management company to operate the center.

General Growth became co-owner of the mall following the formation of a joint venture with the New York pension fund in 1999.

The former Nordstrom was razed in its turn for the construction of The Village, an attached, open-air lifestyle area on the mall's northern side comprising new shops, restaurants and a Borders.

[27] A second expansion was simultaneously constructed on the mall's southwest side; named The Terraces, it incorporated an expanded food court and restaurants as well as a 16-screen Loews Cineplex Entertainment multiplex.

[43][44] AvalonBay Communities purchased the site from Seritage/Brookfield in January 2020 and subsequently began construction on the Avalon Alderwood Place, a mixed-use development featuring 328 apartments and roughly 64,000 square feet (5,900 m2) of ground-floor retail space.

[53] The mall is referenced in the 1985 song "Searchin' USA", by the Seattle indie rock band The Young Fresh Fellows from their album Topsy Turvy.