1970s

Lakeforest Mall first opened on September 12, 1978,^[6] as Lakeforest Regional Mall.^[10][11] At that time, the mall's anchor stores were JCPenney, Sears, Woodward & Lothrop, and Hecht's. The mall was named in honor of Lake Walker, a man-made lake and park on the property prior. The mall opened with approximately 30-50 stores,^[12] with some of the first stores being relocated from the then nearby indoor Village Mall (now an outdoor strip mall called Montgomery Village Center since circa 1991) and absorbed onto the property.^[13] The mall was one of the first in the United States to feature an indoor ice skating rink on the lower level, in the "H section", along with being the biggest indoor shopping mall in the county at the time of grand opening. The rink was replaced, first by a multi theater movie complex, then by a food court, which remained until closing.^[14]

1980s

In 1984, the ice rink was replaced by a NTI Theaters movie theater, later renamed Cineplex Odeon Lakeforest 5.^{[15][16][17][18]}

1990s

Circa 1994, the general manager was Barbara Kreuser.^[19][20]

In 1995, the Woodward & Lothrop at the mall closed and was replaced by Lord & Taylor in 1996.^[21] Lakeforest was host to a Friendly's and a Long John Silver's during the 1990s;^[22][23] they have since closed down.

On August 20, 1998, Taubman Centers sold the property to GM Pension Trust.^[24] Circa September 1998, some parking lot space was devoted to become the Lakeforest Transit Center with a Park and Ride.^[25]

2000s

In January 2000, the Cineplex Odeon Lakeforest 5 movie theater closed.

In November 2000, a food court called Cafes in the Forest was introduced where the Cineplex Odeon Lakeforest 5 movie theater once was and started out with nine food businesses, with roughly half a dozen food eateries already in the mall prior to the food court.^[26]

Several full service restaurants operated in the mall over the years, including Chi-Chi's, Ruby Tuesday, Red Robin, and Silver Diner.

In 2003, Simon Property Group purchased the mall.

On May 28, 2006, Macy's replaced Hecht's, which had been acquired by Macy's parent company nationwide.^[27]

Originally developed, owned and operated by Taubman Centers, the mall had been owned and managed by the Simon Property Group since 2007, when it purchased former owner and manager Mills Corporation. The company defaulted on its mortgage in 2011 and the mall was put up for sale after.^[28][6][29]

2010s

In 2011, the mall was home to a miniature train ride that drove around the mall's upper floor.^[30]

In 2012, the mall took in $14,680,000 in net income.^[31]

In 2013, Five Mile Capital Partners hired real estate developer Hines to "map out a long-term plan for Lakeforest".^[32] A brand new children's play area opened on the ground floor infront of the then JCPenney on July 30, 2013, with the original children's play area called Professor Frog's Courtyard and nearby fountain in the center court were removed and tiled over in August 2013.^[33][34]

In 2016, the mall took in $6,180,000 in net income.^[31]

On August 22, 2017, Lakeforest Mall was sold at auction for $19.1 million, a fraction of the $100 million price tag from 2012, spurring rumors of possible closure in the future.^[35] The auction came after the mall's owner, Five Mile Capital, went into foreclosure.^[36]

As of August 2017, the mall's general manager is Paul DeMarco.^[37] The Annapolis-based Petrie Richardson Ventures has Lakeforest under contract, which would not include the anchor stores in a potential purchase, but as of February 2018 the deal has not been closed.^[38]

On February 28, 2019, it was announced that JCPenney would be closing as part of a plan to close 27 stores in the U.S.; the store closed on July 5, 2019.^[39]

On June 5, 2019, Gaithersburg City Councilmember Ryan Spiegel tweeted that Lord & Taylor was planning to close. The store closed on September 15, 2019 as scheduled.^[40][41][42] This would leave Macy's and Sears as the only anchor stores remaining in the way of redevelopment considered by the Gaithersburg municipal government.

In 2019, WRS Inc. Real Estate Investments purchased the mall from U.S. Bank, which had bought it in 2018.^{[43][44][45][46][47]} WRS Inc. is planning to redevelop the entire 100 acres (40 ha).

On August 31, 2019, it was announced that Sears would be closing its location at Lakeforest Mall as part of a plan to close 92 stores across the U.S.; the store closed on December 1, 2019, leaving Macy's as the last and only anchor.^[48]

2020s

On October 20, 2022, WRS Inc. announced that Lakeforest Mall would be demolished by 2024, with a more specific date being announced later in 2023. Unfinalized redevelopment proposal plans include relocating the Lakeforest Transit Center and Park and Ride from alongside Lost Knife Rd. to Russell Ave., townhouses, office buildings, a parking garage near the center of brand new stores, a movie theater, cleaning up the three ponds to have a boardwalk built on top, and among others.^[9][49]

Former anchors

• JCPenney (1978–2019)
• Sears (1978–2019)
• Lord & Taylor (1996–2019), replacing original tenant Woodward & Lothrop (1978–1995)
• Macy's (2006–2023), after acquiring original tenant Hecht's (1978–2006)