The mall closed for five months after the flooding, with its "Preview" beginning in August and the Grand Reopening in October.

Inline along the east side of the mall were anchors, from north to south, Providence-based Peerless and The Outlet, and national chain Woolworth.

Caldor went bankrupt in 1999, but Old Navy quickly filled the first level of the anchor spot, with the second floor remaining vacant.

On March 30, 2010, catastrophic flooding from the nearby Pawtuxet River left the Warwick Mall under several feet of water.

The mall received national TV attention, highlighting the extreme flooding in Rhode Island on that date.

[3] The main portion of the mall had to be completely gutted up to four feet from the floor, due to water damage.

The characteristic carousel was salvaged and restored, soft seating areas were added and a new flat screen television was purchased for the food court, along with the installation of new public washbasins.

The businesses on outparcels of the mall, Longhorn Steakhouse, Showcase Cinemas, and Firestone were able to reopen by the start of May 2010.

Sports Authority, despite being located on the second level, above the flooded area, was unable to reopen until May 17, 2010, due to repair work required for the escalators and elevator.

On April 20, 2011, Jordan's Furniture of Taunton, Massachusetts announced plans to open a store in the former Old Navy and Caldor anchor space.

[8] Two weeks later, Nordstrom Rack announced plans to open its first Rhode Island store at Warwick Mall in the Fall of 2012 as part of a newly developed wing.

[10] In March 2020, Golf Galaxy opened their first Rhode Island store in the former Sports Authority space.