The original Crescent was located on West Riverside Avenue next to the Spokesman-Review Building and opened for business on August 5, 1889, the day after the Great Fire destroyed most of downtown Spokane.

As the town’s only remaining dry goods store, its entire stock sold out on the first day of business.

Owners Robert B. Paterson and James M. Comstock supported the post-fire effort and did not raise prices in order to take advantage of the disaster, which began the tradition, “be fair to everyone.” Construction of the Crescent building, designed by noted Spokane architect Loren L. Rand, began in 1917 and continued to 1919.

In 1949 the Crescent purchased the Alexander Building, adjacent to the south, so that it extended half a city block.

The first suburban Crescent store was built in 1959 at Northtown Mall, Spokane's first regional shopping center.