When Pheasant Lane Mall opened in July 1986 after 10 years of planning by New England Development, it exceeded even the most optimistic projections for success. The two-level, one million square foot mall was New Hampshire’s largest mall and drew customers from New Hampshire and Massachusetts. Although the property straddled both states, the mall was designed so that all stores and restaurants were located in New Hampshire, enabling all retailers and their customers to take advantage of New Hampshire's lack of a sales tax.
Pheasant Lane Mall’s success was attributable to many factors, including a strong merchandising mix featuring anchors Jordan Marsh, Sears, JCPenney and Lechmere and specialty stores appealing to a wide group of income levels; a strategic location with easy highway that filled a retail void between Mall of New Hampshire and the Burlington Mall and that drew shoppers from Massachusetts seeking to take advantage of New Hampshire's lack of a sales tax; and strong demographics, centrally located in an area with the fastest rate of personal income growth in the nation.
New England Development sold this property in 1999 to Simon Property Group.