Marshall Field's was closed in 2006 and demolished for an outdoor concourse featuring Barnes & Noble, while L. S. Ayres was converted to Macy's the same year.

The mall has undergone a number of renovations in its history, including the addition of a food court in 1995 and removal of a movie theater in 2000.

In response, many neighborhood groups and local unions sent letters to Sears in an attempt to prevent them from opening a store at the mall.

[1] Margaret Prickett, then-mayor of Mishawaka, thought construction of the mall would help improve the town's economy and increase the likelihood of the city receiving a direct exit off the Indiana Toll Road.

Also undergoing negotiations for a possible tenancy at the mall was Robertson's, a local department store which operated in downtown South Bend as well.

The 196,000-square-foot (18,200 m2) store featured a 17-bay automobile repair shop, a dedicated area for catalog orders, and a centralized solar heating unit.

Opening ceremonies of the store were attended by Miss Indiana 1978 Terry Jean Kaiser and local sportscaster Tom Denin.

[12] A directory published in the South Bend Tribune on opening day showed the mall had a large number of restaurants such as Chick-fil-A, Hot Sam, Orange Julius, Bresler's 33 Flavors, Burger Chef, and Wag's.

For a donation of $15 each, 500 local residents were allowed to tour the store, while also being served champagne and hors d'oeuvres alongside performances by the symphony and a fashion show.

In response to this, the managers of both malls confirmed that such a policy was common at the time, and that University Park employed over 20 off-duty police officers as part of its security force to ensure the safety of workers and patrons returning to their cars.

As part of this project, the L. S. Ayres store would be expanded by about 33,000 square feet (3,100 m2), and a food court with ten restaurants would be added near Sears.

Coinciding with this expansion, the interior of the mall received new décor with images intended to reflect celebrities native to Indiana, such as David Letterman and James Dean.

By March 1996, shortly before the merger occurred, tenants confirmed for the food court included Charleys Philly Steaks, Panda Express, and a relocation of Chick-fil-A.

[29][30] Following the closure of Marshall Field's in March 2006, Simon Property Group announced plans to demolish the location in favor of smaller stores.

[31] Among the stores confirmed to open at this point were Barnes & Noble, Five Guys, Ulta Beauty, Bar Louie, Lane Bryant, and Jared.

A spokesperson for Simon Property Group stated that Apple chose to open a store in the South Bend area due to the presence of the University of Notre Dame.

At the time, University Park Mall held a 95 percent occupancy rate, and had recently added more upscale tenants to complement Apple Store, such as Coach and Michael Kors.

[36] Although Gap closed at the mall in 2016, a number of other tenants opened that same year, including Dry Goods, a clothing store owned by Von Maur.

[39] Also closing at the mall in 2019 were Gymboree, Things Remembered, Charlotte Russe, and Payless ShoeSource, all due to the respective bankruptcies of those brands.

[42] Disney Store also chose not to reopen its University Park Mall location, announcing in July 2020 that it would be closing permanently.

[47] Despite the Sears space remaining vacant, University Park Mall continues to hold an occupancy rate above 90 percent.