Developed by the Richard E. Jacobs Group, the mall is currently owned by CBL & Associates Properties, who acquired it in 2001.

The mall's anchor tenants are JCPenney, Macy's, Tilt Studio/Tilted 10, Home Trends Furniture & Mattress, and Barnes & Noble.

[1] Alongside Sears and Marshall Field's, the mall opened with 23 additional stores, including Lane Bryant, Kroch's & Brentano's Booksellers, Casual Corner, Chess King and Disc Records.

As the new owners, during 2004, CBL gave CherryVale Mall its second major renovation, including the most extensive changes to its exterior since 1973.

To increase space in the center court of the mall, the two inclined moving walkways were removed in favor of a glass elevator.

At the expense of removing the main entrance, CBL added JCPenney as a fourth anchor store on the top floor, expanding retail space to 806,900 square feet.

In September 2006, the Marshall Field's location at the mall was rebranded to Macy's (as part of the former company's acquisition by the latter).

[citation needed] In December 2006, Derrick Shareef was arrested for one count of attempting to damage or destroy CherryVale Mall.

In 2007, CBL began expansion of a "lifestyle" component, intended to attract middle to upper-class shoppers.

[1] Featuring Barnes & Noble as an anchor (replacing the long-defunct Kroch's and Brentano's as the largest bookstore in the mall), the 75,000 square foot addition was built in the parking lot sandwiched between Bergner's and Macy's.