The original portion of the building was constructed in 1903 for the Woodward's Department Store when that area of Cordova Street was the heart of Vancouver's retail shopping district.

The store was famous for its Christmas window displays, and its basement Food Floor and the "W" sign at the top of the building was distinctive landmark on the Vancouver skyline.

Woodward's pioneered the concept of one-stop-shopping; the store included a food floor at the time North America's most prominent supermarket, household items, and men's and women's fashion.

The beacon, which was visible at night from as far away as Abbotsford and Mission, was shut down at the beginning of World War II because of its potential use as a landmark for aerial attacks.

This was further exasperated by the deindustrialization of the old city centre, which led to the migration of working-class residents out of the area and the loss of an essential source of clients.

Immediately the following deindustrialization was the expansion of the quaternary sector of the post-industrial economy over at the West End, shifting major economic activities to the new city centre near Burrard and Georgia streets, further reducing Woodward's prominence.

The flagship food floor became an IGA store until the building closed, as Safeway showed no interest in that location.

[3] In the fall of 2002, a small group of community activists squatted the empty building for one week in a campaign to secure social housing from the Provincial government.

The series of events is known as the Woodward's Squat, or "Woodsquat," which has been acknowledged for "setting in motion the eventual redevelopment of the landmark department store building.

[6] The "W" neon sign, which topped the building on the Eiffel Tower replica, was removed before the demolition[7] and was replicated and re-installed on January 9, 2010, now boasting energy-saving LED lights.