[3] After demolition of the precinct started in 2005, archaeological work was undertaken owing to its potential interest, being close to the centre of the ancient Roman town of Isca Dumnoniorum and being continuously inhabited since that time.

It was the subject of considerable discussion with strong views for and against; inevitable because of its proximity to the Cathedral Close and Southernhay and the design which integrated mixed housing into the Exeter retail zone, and resisted the late twentieth century drive towards bland malls.

[citation needed] Despite criticism, the site was developed by Land Securities in partnership with The Crown Estate into 530,000 sq ft of retail space accommodating over 60 stores.

Princesshay is also home to Exeter's Underground Passages attraction, giving visitors a guided tour of the medieval subterranean passageways that used to transport water under the city centre.

Princesshay has been criticised by visitors and consumer groups for its use of digital tracking technologies to provide near real-time location data of mobile phones within the complex.