Liberty Tree Mall’s construction began in 1969, leading to its grand opening on February 21, 1972. Initially featuring anchor stores Ann & Hope and Lechmere, the mall expanded and renovated in 1980 and 1993. Located less than a mile from Northshore Mall in Peabody, both malls are primarily managed by Simon Property Group. Liberty Tree Mall has specialized in discount retailers, while Northshore Mall targets the mainstream and upscale market.

Named after Boston’s historic Liberty Tree, the mall originally featured a large metal sculpture designed by Albert Surman, displayed in the 1964–65 New York World’s Fair. This sculpture was removed in 1992 during renovations and scrapped in 1993. The 1980 expansion introduced a food court, and Marshalls became a key anchor store, maintaining its presence to this day. The 1993 expansion included Sports Authority and Old Navy, although Sports Authority closed in 2016, later replaced by SkyZone.

By 1997, Lechmere and Filene’s Basement were replaced by new stores, including Target, Staples, Dollar Tree, and Best Buy. A Loews Theatres 20-screen multiplex was also added. After Ann & Hope closed in 2001, their space was converted into a Kohl’s. Adjacent to Kohl’s, Stop & Shop and Pier 1 Imports were constructed, although Stop & Shop closed in 2008, with its space later repurposed for Nordstrom Rack and Off Broadway Shoe Warehouse in 2008. The former f.y.e. space became Steve & Barry’s until it closed due to bankruptcy.

More recent changes include a 2013 proposal for a slots parlor near Marshalls and the food court, which sparked community debate. On November 25, 2019, A.C. Moore announced the closure of its Liberty Tree Mall location, followed by Pier 1 Imports’ closure in May 2020 due to bankruptcy. On August 10, 2022, the mall was reported to be up for sale but has since been withdrawn from the market.