The Square is probably the most significant urban space in the City. Originally the landing beach was nearby and many of the goods arriving at or leaving Port Elizabeth did so via Market Square.
The Square became the focal point for the buying and selling of produce by the local and district farmers. At one time a bell was placed in Market Square and rung daily at market time. Being located in the heart of the settlement, the bell also served as a fire alarm (NM 1974).
Market Square, however, was more than a focus of commercial activity. While the settlement was small it served as a rendezvous and gathering place for the local inhabitants. Since its redevelopment, which boasts paving in a decorative brick pattern, it again serves this purpose. It is now a pedestrian area. Many of the fine old buildings that surrounded it have been replaced by modern structures. In the square stands a replica of the type of cross erected by Diego Cão and Bartholomeu Dias at various points of their voyages down the western coast of Africa; this one was donated by the Portuguese government to commemorate the arrival of Dias in Algoa Bay in 1488.
