The mall began experiencing declines in traffic following the opening of Arizona Mills in 1997, and saw numerous anchor store and inline tenancy changes.

[11] Homart withdrew plans the following year after several delays due to concerns about traffic and parking from the city and other developers with nearby properties.

It was the commercial hub of the East Valley and ranked within the top 15 percentile of regional malls in the nation in sales.

[16][17] A survey conducted by The Arizona Republic and The Phoenix Gazette in 1992 identified the mall as the preferred shopping center for most Valley residents, and in 1993, as many as a dozen companies were vying to purchase Fiesta.

[18] L&B Real Estate Counsel of Dallas, a commercial real-estate investment firm, bought the mall for $124.3 million in December 1993.

Citing continuing robust population growth in the southeast Valley, the owners announced new plans for a major expansion that again included a fifth anchor store.

[21] On April 13, 2004, pop music star Avril Lavigne hosted a free concert at Fiesta Mall, drawing about 3,000 people.

[22] The concert was seen as a coup for Fiesta, which was responding to changing times by updating its entrances and adding a children's play area.

[23] Fiesta Mall started showing early signs of trouble in terms of shrinking customer traffic in the late 1990s.

The study reported decreasing sales and difficulty attracting "top-tier stores" due to increasing competition from newer shopping centers and changing demographics.

"[30] Fiesta Mall was acquired by Westcor for $135 million in 2004, a time when the center appeared to be showing significant signs of decline.

In 2007, Mesa police reported a jump in gang activity at Fiesta, although mall officials denied there was a rise.

[40] In January 2012, police arrested a documented gang member in the beating and attempted robbery of another man near Fiesta Mall.

In September 2013, Westcor turned over Fiesta Mall to its lenders due to “imminent default relating to potential tenancy issues".

Dimension said it planned to spend $30 million to convert the property into a campus focusing on education and healthcare for community colleges and for-profit schools.

[50] In October 2017, Cashen Real Estate Advisors, which markets the property for Dimension, proposed the mall for Amazon's HQ2; it did not make the finalist tier.

[45] The space previously occupied by The Broadway and the mall's first Macy's store hosted a Dick's Sporting Goods and a Best Buy in 2007.