Westfield Figtree was opened on 23 September 1965 and started life as a neighbourhood shopping centre.
The centre has a current catchment area of 155,045 persons, and retail spending in the catchment area estimated at A$1.6 billion (2005). Annual turnover at the centre for 2008 was 167.4 million with 4.3 million visitors per year. In a 2004 survey conducted by the local city council, it found that the majority of visitors to the centre were attracted by its grocery and department store offerings.
The centre has been redeveloped three times in its life, the first of these taking place in 1975. This first redevelopment upgraded it from Neighbourhood to Regional shopping centre status, and the largest centre outside the Wollongong CBD. It was again redeveloped in 1987, and 1992. It has recently undergone major renovations internally and externally in 2009, with 15 new shops fitted.