From the very foundation of St. Petersburg, there were shopping arcades on this place. The wooden buildings burned down, and a new stone market was built here in 1790. It is a closed building around the perimeter, consisting of shops, surrounded by a gallery for the entrance of customers on both floors.

In the early 2000s, a large-scale restoration of the architectural monument took place. It has been restored to its original state, including the limestone floor and the color of the roof. Only internal walls have been demolished to organize the most comfortable and spacious trading rooms.