Completed in 1982, it comprises three retail floors, a seven-storey tower that accommodates offices and maintenance spaces, and 88 car park bays.

[6] Penang Plaza, Komtar and GAMA emerged as the three primary shopping destinations of George Town by the late 1980s.

[7] Both the mall and the adjacent 21-storey Dorsett Penang Hotel were owned by local real estate company Faber Kompleks.

[10] Despite the refurbishments, it struggled with dwindling foot traffic due to competition from newer shopping malls throughout George Town and was referred to as a "white elephant" by local media.

[3][11] Penang Plaza is situated at the junction of Burmah Road and Jalan Larut, within George Town's Central Business District.