The site was previously occupied by the original Sharp Street tram depot of the Hong Kong Tramways, another of the Wharf's subsidiary operations acquired in 1974.

[7] Due to the high land price in Hong Kong, and the higher yield on retail property, Times Square departs from the common western model of the flat shopping mall.

In 2015, the newly refurbished shopping centre was completed, with new express escalators inserted into the tall atrium and reconfiguration of service and car park access to facilitate a new anchor store.

[12][13] Under the terms of a Deeds of Dedication signed with the Government, 3,010 square metres (32,400 sq ft) of the ground floor was set aside for public access, pedestrian passage and passive recreation.

[15] Since then, there has been a wider campaign in Hong Kong to re-examine provisions for public open space, and the government quid pro quo with property developers.

[16] Alan Leong lamented the poor quality of some of Hong Kong's public open spaces, and said he hoped that a Legco review would result in a "more transparent and predictable system".

[17] The Secretary for Justice, filed a writ in the High Court on behalf of the Government against Times Square Ltd and its parent company Wharf Group, seeking to recover rental fees of as much as HK$124,000 a day for use of the Causeway Bay piazza dating back to 1993.

The Times Square Marketplace Mall was featured in the 2003 film Lara Croft: Tomb Raider – The Cradle of Life where a department store that is marked as 'closed for renovation' is secretly hiding a biological weapons production plant.