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Originally developed in 1974-75 by Des Moines-based General Growth Development Corp., it opened as the Sioux Empire Plaza. It was sold to the IBM Pension Fund in 1985 while General Growth continued to manage the property. In 1998, it was acquired by a joint venture of The Macerich Company and Simon Property Group, with Macerich assuming the role of managing partner. In 2012, Simon Property Group became the sole owner of the mall. In 2018, Simon Property Group, owner of the mall, posted a document about plans for the mall after losing two tenants.
In 1978 the mall underwent its first major expansion, with the addition of Dayton's (later Marshall Field's, now Macy's) and 22 other specialty stores.
In 2016, Ron Soucie replaced Dennis Gilliam as manager. In 2017, Dan Gies replaced Ron Soucie.
Sears closed in September 2018. The vacant Sears store was occupied by a temporary Camping World store from November 2018 to April 2019.
On December 3, 2018, Dillard's announced it would open in the vacant Younkers anchor store, adding 40,000 square feet (3,700 square meters) of space to the existing 100,000 square feet (9,300 square meters) structure. Dillard’s opened in March 2024.