Groundbreaking for the mall was in June 1973. This mall opened in 1974 and was anchored by Zayre and A&P. The very day of the ribbon-cutting ceremony, anchor store W.T. Grant Co. filed for Chapter 11, and eventually closed for good. Its successor at the mall, A&P also opened and closed within a year. Two clothing stores closed the same year, and McDonald's broke its lease.

Shop & Save opened in the A&P space, followed by JCPenney in the Grant's space, in 1980. Sears opened a year later. Zayre closed in 1988 and was eventually replaced by Rich's in 1991.

Rich's president Howard Rich came on as a 50 percent partner in the mall and sank $3 million into the mall making much-needed repairs and updates. Rich's went bankrupt in 1996 and Ames opened there the following summer.  Ames finally closed in October 2002 following its bankruptcy. The 60,526 sq.-ft. store became available for lease. JCPenney moved to the former Ames space in 2007.  Ocean State Job Lot opened a store at the other end of the Mall leaving only a 35,000 sq.ft space available.

Although the current anchor store space is all filled, several small stores closed over the years leaving the mall nearly empty. Dollar Tree opened in the front part of the former original Grant's. The back of the store has been opened up to create a mall access to Ocean State Job Lot. 

On November 1st 2019, Olympia Sports announced the closing of 76 stores including the Green Mountain Mall location.