Its construction started in 1922 and finished in 1930 by architect Eli Modiano. Eli came from a renowned Jewish (Sephardic) family of Thessaloniki, and studied architecture in Paris. The building resembles some Parisian markets.

The market hosts produce, cheese, meat and fish shops, mainly at its street-side areas. Inside, there are both traditional and new tavernas, restaurants and bars.

It is located between Vasileos Irakliou St and Egnatia Avenue, with exits to Ermou St and Vasileos Irakliou Street.