Elm Plaza used to be the largest shopping center in Waterville.  It opened in 1960 and was then anchored by Grants and First National supermarket. Grants was later replaced by Mammoth Mart. K-mart opened in 1977. There was Bonanza steakhouse in a free-standing building at the left of the plaza. It eventually closed and was replaced by Rustler's steakhouse which closed in 1997 or 1998. The restaurant was demolished and replaced by Olympia Sports.  Kmart has been renovated and renamed Big K-mart. The store has the same size but has a new logo and a slightly changed layout.

Shop'n save renamed its store Hannaford in a chainwide move. Kmart enjoyed years of good business because it was the only department store located on Main street with a regular Walmart and a Rich’s at the other exit and Ames located downtown. This all changed when a large Walmart Supercenter was built right behind the Elm Plaza with Home Depot and Staples.

Elm Plaza eventually replaced its 40-year-old vintage pylon sign with a new one. The parking lot has been paved and the main entrance and traffic patterns have been reconfigured. The Elm Plaza’s JCPenney store is the only one between Bangor and Auburn and South Portland. In 2012 Fashion Bug announced it would closes all of its stores including the Waterville location.

A small plaza across the street was recently renovated and added a Harbor Freight Tool store.