Before University Mall in the 70's, on the same site was a free-standing Zayre store. A Shop'n Save was also nearby as well as a Wilson's Home Center. University mall was constructed around the existing Zayre and became the largest enclosed shopping mall in Vermont.  

It was then anchored by Zayre and Almy’s. During a significant renovation, the mall expanded to include 30 additional stores. The Almy’s chain eventually closed, making way for Steinbach to open a location in its place. Around 1990, Zayre was rebranded as Ames following its now infamous acquisition. In 1992, JCPenney joined the lineup, followed by Sears in 1998, which relocated from its aging Burlington store; a new parking garage was constructed beside it to accommodate the increase in shoppers. After Steinbach shuttered its entire chain, its mall location transitioned to The Bon-Ton in 1999. Meanwhile, Shop’n Save was rebranded as Hannaford. Ames closed in October 2002 after filing for bankruptcy, and its former space is currently occupied by Kohl’s. 

In October 2017, it was announced that The Bon-Ton would close its University Mall location. Quickly after this announcement Target confirmed it would open its first Vermont location in the former Bon-Ton. The store will be approximately 60,000 sq.ft., rather small compared to the usual free-standing Target stores that are around 130,000 sq.ft. On November 1st 2019, Olympia Sports announced the closing of 76 stores including the University Mall location and two more stores in Vermont. In November 2019, Sears announced more store closures including the South Burlington location - the last one in Vermont.