Ideas for Lloyd Center were conceived as early as 1923. The mall was named after southern Californian oil company executive Ralph B. Lloyd (1875–1953) who wished to build an area of self-sufficiency that included stores and residential locations. However, the mall wasn't built until 37 years later, due to major events such as World War II, the Great Depression, and Portland's conservative anti-development attitude.
The mall opened August 1, 1960 in a 100-store, open-air configuration. At the time it was the largest shopping center in the Pacific Northwest and claimed to be the largest in the country.
In 1960, Lloyd Center was located very close to the downtown retail core and was the first major retail development to seriously challenge it, aimed almost exclusively at commuters utilizing Portland's then-growing freeway system, especially the adjacent Banfield Expressway. The original anchor stores were Meier & Frank at the center, Best's and Nordstrom's Shoes anchoring the west end, and J. C. Penney and Woolworth anchoring the east.
By 1987 the mall was aging and enclosed malls were becoming the norm across the United States. Between 1988 and 1991 the mall was gradually renovated. The former Nordstrom spaces had been gutted and refitted as inline stores, followed by a mall-wide renovation around late 1990-early 1991 which fully enclosed the mall and added a food court. The remodeled shopping hub was rededicated in August 1991. The mall is still open today.