The project to build a shopping centre in the North West of Northern Ireland which would become Foyleside was envisioned in 1988 as part of a powerful regeneration campaign for the City of Derry.

According to a local newspaper article in 1995 Northern Ireland Minister Richard Needham had convinced Marks & Spencer to co-anchor the centre project alongside Dunnes Stores.

In 2003 planning permission was granted for a significant two floor extension on top of existing multi storey East car park with construction work completed by late 2004.

[5] On September 15, 2023, it was announced that a consortium which includes Ian McMahon along with Patrick and Edmund Simpson, were understood to have agreed terms to buy Foyleside Acquisitions Limited, the holding company for the Derry shopping complex, the same consortium also owns Rushmere Shopping Centre under holding company Killahoey Limited.

The centre is a four level building constructed over numerous former streets made possible by the steep geography of the banks of the River Foyle which is characteristic of Derry.

[10] Level 1 of Foyleside consists of a basement service area for incoming stock deliveries by lorry and a security office.

The original two floor Marks & Spencer anchor unit was reduced in size in 2007 only occupying a Level 2 presence after refurbishment.

[12] Level 3 features a glass tunnel ceiling creating a pleasant, bright and airy atmosphere common in most shopping centres from the 1990s.

In late 1990s the Level 3 mall was extended to accommodate a new Virgin Megastores (now DV8) unit and a glass tunnel walkway which led to the top floor of the West car park.

Located close to the Food Quarter is an open barber shop and hair salon as well as a photo printing service stall.

A glazed roof tunnel spans from the centre atrium and dome above this floor maintaining the same bright and open mall atmosphere as other levels.

Foyleside East Car Park was opened later and is joint to the main shopping centre by a glazed walkway bridge.

[19] In 2006 during renovation work at the former Kylemore Café on Level 4 to add an additional mezzanine floor for a new River Island store considerable noise and disruption upset nearby residents.

The centre responded by offering to meet with concerned residents and assured the public that it was carrying out the work according to Road Service and noise regulations.

A local man had climbed into the lorry and released the handbrake, causing it to roll back unattended along Newmarket Street and crash into Foyleside Shopping Centre damaging the Debenhams glass tunnel bridge and the corner of a fire exit stairwell.

[23] Further to this Minister for Regional Development, Conor Murphy has hinted that he would welcome any plans for the relocation of the current railway station to the east bank of the Peace Bridge, which officially opened on Saturday 25 June 2011.