The single-level complex opened for business in January 1965. It was originally anchored by a 2-level (61,300 square foot) Montgomery Ward and 1-level (66,700 square foot), Indianapolis-based H.P Wasson.
Charter tenants included Hoyt Wright & Company, Paul Harris apparel, Roselyn's Bakery, Zales Jewelers, SupeRx Drugs, an MCL Cafeteria, Kroger supermarket and (18,000 square foot) F.W. Woolworth 5 & 10 (with luncheonette).
The primary feature of the original mall was a large, multilevel Center Court. An elevated stage provided a venue for fashion shows, concerts and other public events.
A 2-level (118,300 square foot) J.C. Penney opened in December 1968. The Cinecom Midwest States Theatres Mounds Cinema showed its first feature December 25 1970. The venue was a southwest outparcel of the mall. It was acquired by the General Cinema Corporation and reconfigured. The GCC Mounds Mall Cinema I & II made its debut August 16, 1974.
The mall was given a major overhaul in 1986, when the Center Court stage area was torn out and replaced by a food court. In the mid-1990s, Sears expanded their store space. A small addition was built onto the southwest corner of the structure, with the interior being renovated. When the remodeled Sears was rededicated in October 1995, it encompassed a total of 83,400 square feet.
The property was sold again in September 2009, with the buyers being a joint venture of Anderson's Virgil E. Cook, II and Natalie Campbell. The official name of the complex was changed to MOUNDS MALL OF ANDERSON.