Mountain Valley Mall opened in 1980. It's located near the Settler's Green Outlet Village and across the street from the Northway plaza. The main anchor was a 40,000 sq.ft. K-mart store until it closed in November 2000 along with 71 other Kmart in the U.S.  Papa Gino's closed just after the departure of Kmart.  Jo-Ann fabrics closed in 2002. JCPenney and Hannaford are the two larger stores left. 

The mall was recently acquired and the center part of it has been demolished and rebuilt into a 145,464 sq.-ft Lowe's Home Improvement. The two end portions of the mall, including Hannaford on one side and the cinemas and a relocated JCPenney on the other, remain intact. JCPenney moved in the former K-mart. In 2012 Fashion Bug announced it would close all of its stores including the North Conway location.    In June 2020, JCPenney announced the closing of 154 stores including the North Conway location. The store will close on October 18 2020.