Fashion Valley, developed by Ernest W. Hahn at a cost of $50 million, opened on October 12, 1969, (after a soft launch on September 8) on a 78-acre (32 ha) site, part of which had held the baseball stadium Westgate Park.

At opening, the center had around 1,000,000 square feet (93,000 m2) of gross leasable area, parking for 6,000 cars, and a Spanish architectural theme, with quarry and red Spanish-style tile and a 50-foot (15 m)-high tower by sculptor Jerry Mahoney.

In October 1997, Gene Kemp led a $110 million renovation project, enlarging the Macy's, Nordstrom, and Robinsons-May stores.

In 2019, the Simon Property Group announced another renovation inspired by "San Diego's relaxed lifestyle" that would add public spaces, landscaping, a broader selection of dining, outdoor "lounges", and water features.

The court held that this activity was protected and allowed on the property, even though the action was contrary to the business interests of the targeted tenant.