Built into a hillside, the mall can be entered either on the first or second level, depending on where a particular entrance is located. The mall's original anchors stores were J. C. Penney,[4]Sears,[5] and Maas Brothers.[6] Maas Brothers was converted to Burdines in 1991.[7] In March 2005, the Burdines store was converted to a Macy's.[8]
A 1993 expansion included an additional wing as well as Dillard's becoming the fourth anchor.[9][10]
In 2015 the Governor's Square Mall received a $10 million interior and exterior renovation.[11]
On December 28, 2018, Sears announced that it would be closing its Governor's Square anchor store as part of a plan to close 80 stores nationwide. The store closed in March 2019.[12] During the COVID-19 pandemic, the vacant store served as a Florida Department of Health monoclonal antibody treatment site.[13]
On January 18, 2024, it was announced that Macy's would be closing as part of a plan to close 5 stores nationwide. The store closed permanently on March 26, 2024 and left the mall with JCPenney and Dillard's as the only remaining anchors.[14]
The mall lies within a relatively affluent trade area less than two miles (3 km) east of downtown.