The original owner of the shopping center was the Randhurst Corporation (a joint venture of Carson Pirie Scott, Wieboldt's, and Montgomery Ward).

Currently owned by DLC Management, Randhurst is the location of national and regional retailers, several restaurants, second-floor offices, a 140-room hotel and a 12-screen cinema.

Randhurst was born out of a desire by Carson Pirie Scott to expand its business into the urban sprawl of Chicago's rapidly-expanding northwest suburbs.

By 1959, the department stores Wieboldt's and Montgomery Ward had created a joint venture with Carson Pirie Scott, named the Randhurst Corporation.

As the mall was built at the height of the Cold War, it included a fallout shelter big enough to hold every citizen of Mount Prospect.

Thus, at the time of its 1962 opening, the 1,000,000 sq ft (93,000 m2) Randhurst had three major department store anchors: Wieboldt's, Carson Pirie Scott, and The Fair.

In 1987, the entire Wieboldt's chain went bankrupt and closed its stores; Peoria, Illinois-based Bergner's acquired the empty Randhurst location.

Spiess expanded too rapidly and too late for the market; as a consequence of this, the chain went bankrupt, and the store at Randhurst closed on January 31, 1992.

This brought Randhurst to its greatest level of occupancy ever–three major anchors and four minor anchors–and an all-time peak of 1,400,000 sq ft (130,000 m2) of retail space.

In 2003, Kohl's moved its store to a space formerly occupied by Venture and Big Kmart near the corner of Elmhurst Road and Dempster Street on the south end of Mount Prospect.

Circuit City closed in early 2005, and Old Navy moved to nearby Arlington Heights, all in the midst of the new construction.

The mall’s historic Gruen design had been partially destroyed, and the renovation only temporarily helped stem the tenant outflow.

In April 2007, the village of Mount Prospect approved a plan that included the demolition of the core of Randhurst.

The first building to be demolished were the mall offices near Carson Pirie Scott so a new loading ramp could be constructed for the department store.

Bon-Ton Stores, Inc. announced a remodeling of the former mall's Carson Pirie Scott anchor in May 2009, which was completed in November 2010.

T.J. Maxx and Old Navy (returning from previous mall), also opened in Randhurst during 2011 while The Sports Authority replaced Steve & Barry's.

Construction began on new buildings for BlackFinn Ameripub, @The Children’s Place (returning from previous mall), Charming Charlie and Panera.

[6] In early 2013, Chef Rodelio Aglibot and his partners opened E+O (Earth and Ocean) Food and Drink in Randhurst Village.

[7] After owning Randhurst for 22 years, JPMorgan Chase announced plans to sell the 1 million-square-foot lifestyle center in 2014.

[8] Several development companies expressed interest in purchasing the property over the next year until it was finally sold to New York-based DLC Management.