The building is a representative example of early commercial architecture in downtown Union. Its style and materials reflect the typical modest but durable design of small-town commercial properties from this era. It was designed to accommodate multiple commercial tenants over time, with storefronts on the ground level and functional, straightforward construction suited to retail and office uses.

Throughout its history, the Lipscomb Building housed a variety of businesses central to Union’s economy. Early uses included one of the town’s liquor dispensaries from 1912 to 1915. The building later accommodated Coca-Cola and Pepsi-Cola bottling plants, local retail stores such as Vanderford’s Store, and essential community-oriented enterprises including a feed and seed company.

Over the decades, the property also served as an armory, meeting space for organizations such as the Elks Club, and housed law offices, demonstrating its flexibility and importance as a commercial and civic hub in downtown Union.

The G. E. Lipscomb Building contributes to the historic fabric of the Union Downtown Historic District, which encompasses a range of commercial and public buildings dating from the late 1800s through the early 20th century. This district reflects the city’s development as a regional center for trade and community life.