Peabody Place Retail & Entertainment Center, completed in fall 2001, was designed to be reminiscent of a town square, which was rediscovered, refurbished and topped with the largest skylight in Tennessee to create an enclosed town square. In the evening, the lighting systems create the atmosphere that the Center really is outdoors, with sidewalk cafes and other seating. The Center boasts over 300,000 square feet of leasable retail space and is directly connected to approximately 3,000 parking spaces. It is also located immediately adjacent to the historic Peabody Hotel.

Shops originally located in the Peabody Place include: Tower Records & Video, FootLocker, Ann Taylor Loft, COCO & LILLY , GAP / GAP Kids / Baby GAP, H2Oasis, Muvico Box Office, Verizon Wireless, Victoria's Secret, Bath Junkie, Claire's Accessories, DAPY / Spencer Gifts, Hot Topic, Isaac Hayes Studio Kitchen & Wares, Sydnie's Gifts, Muvico Theaters Entrance, The Zone, Payne's Fashions, Putting Edge, Sports Avenue, Walsons Jewelers, and WREG - TV News Channel 3 Studio.

Restaurants originally located in the Peabody Place include: Encore Restaurant & Bar, Jilllian's, Maggie Moo's Ice Cream and Treatery, Rocky Mountain Chocolate Factory, Starbucks Coffee, Texas de Brazil Churrascaria, and Isaac Hayes's Nightclub & Restaurant.