The mall celebrated its grand opening on October 4, 1989, with Sears and Dillards as its initial anchor stores. By March 1990, an additional 19 stores had opened including The Gap, Casual Corner, and The Limited and Vista Ridge Mall was 65 percent leased. The mall added a third anchor store when J.C. Penney opened its Vista Ridge Mall store on August 1, 1990. The fourth anchor store to open was a Foley's, a unit of May Department Stores, as part of an expansion push by the chain.
In 1991, the mall went through interior renovations to make the indoor areas more appealing.
When Vista Ridge Mall opened in 1989, it included Cinemark's Movies 12 whose marquee and ticket office were in the center court of the mall. In 2006, the Cinemark movie theater, which was previously located indoors, constructed an attached 15 screen movie theater to the mall and relocated there upon completion.
The August 2000 opening of new regional mall Stonebriar Centre in nearby Frisco affected the sales of Lewisville's Vista Ridge Mall and Plano's Collin Creek Mall as both malls experienced what Larry Howard, vice president for development of General Growth Properties Inc., called "some cannibalization". Stonebriar Centre and Vista Ridge Mall are both owned by General Growth Properties.