The opening of the MetroCentre in nearby Gateshead during 1986 provided competition for Eldon Square, however, both are now owned by the Capital Shopping Centres (Eldon Square in a joint venture with Newcastle City Council, thus resolving any potential conflicts. An adjoining mall called Eldon Garden, owned by a different company, was built in the late 1980s in a more contemporary style than the main centre. Eldon Leisure is a leisure centre built above the shopping areas that offers sporting, health and beauty facilities.
Reconstruction work began in June 2005 to convert the former bus station into a new lower mall, which houses Argos and Waitrose as anchor tenants. The new Eldon Square Bus Station opened on 18 March 2007 between John Lewis and Haymarket bus station. It features a series of glass screens designed by the artist, Dan Savage.
The former Green Market has also closed and been demolished to make way for Eldon Square South, a new mall including several new retail outlets, with Debenhams department store as the anchor tenant. The New Green Market at High Friars opened in March 2007, with its entrance from Nelson Street and upstairs from the Grey's Monument and Monument metro station.