The arcade was the idea of John Humphrey Plummer, a Victorian entrepreneur, who at the time owned most of the shops on Lord Street.

In 1939 during the outbreak of World War II, the domed roof was painted black as part of blackout precautions, the tropical fish aquarium was removed from the arcade to save electricity.

In the past the arcade has housed brass band concerts on the bandstand, an aquarium and since the 1970s has featured a solid bronze statue of the famous local Grand National racehorse, Red Rum.

During the 1980s major investments were completed to restore the central dome in roof and surrounding units that were previously part of Wayfarers Arts.

Between 2004 and 2007 investments were focused on replacing and French polishing the mahogany shop fronts in the arcade, standardising the sign writing in a heritage font and colours while improving signage for visitors.