[3] The mall's original anchor stores were H. P. Wasson and Company, Montgomery Ward, and J. C. Penney; over time, the Wasson store became Meis, Elder-Beerman, and Carson's, while Montgomery Ward became Sears and J. C. Penney was torn down and rebuilt as a movie theater.

After a period of decline, Mounds Mall closed to the public in April 2018.

Mounds Mall was developed by Melvin Simon & Associates (now Simon Property Group), opening in 1965 as the second mall in Indiana (Evansville's fully enclosed Washington Square began business in October 1963).

Original tenants included Zales, Kroger, Woolworth, and Jo-Ann Fabrics.

[7] In 2012, the Sears closed as a result of low sales of the 2011 holiday season.