The name, ZCMI, is an acronym for Zion's Co-operative Mercantile Institution, an early American department store founded by the LDS Church in 1868 and headquartered on the mall's site for many decades.

ZCMI first opened a store at this site on April 1, 1876,[2] allowing it to consolidate different departments into one structure; although, over time, the institution would expand to a number of buildings on the block.

In May 1969, the LDS Church announced plans to develop a shopping mall on the block, which would replace ZCMI's ageing conglomerate of buildings.

[10] Local architect, Steven T. Baird, determined there was enough historic fabric remaining that the façade could be restored rather than replaced; a process he would oversee.

[14][15] Several of the neighboring buildings not part of the ZCMI project, such as First Security Bank's Deseret Plaza, took the opportunity to remodel or rebuild while the mall was being constructed.

[16][17][18][19] As part of transforming the block into a mall, ZCMI moved its headquarters to South Salt Lake, leaving only its flagship store downtown.

[23] The grand opening ceremonies lasted six days, and included an antique car parade through the complex's new six-level parking garage, and a performance by the Utah Symphony.

[24] Once the northern part of the mall was completed, Deseret Book held its grand opening on April 2, 1976 with a ribbon cutting by LDS Church president Spencer W. Kimball[25] and ZCMI—recently moved into the north portion of the mall from temporary quarters in the south portion—was opened and dedicated on September 13, 1976, also by President Kimball.

[31] In 1991, a tunnel was excavated under State Street to provide access between the ZCMI Center and parking structures on the block east of the mall.

[32][33][34] The Park Food Court was opened in April 1992, replacing an open-air plaza that had surrounded the office tower (then known as the Kennecott Building) in the northwest corner of the block.

[37] On October 8 of that year, the church presented preliminary plans to significantly remodel both Crossroads Plaza and the ZCMI Center Mall.

Macy's, which by 2007 owned the assets of ZCMI department stores, donated 1,500 pieces of the dismantled chandelier to various charitable organizations when the mall closed.