Together with Købmagergade and the southern part of Frederiksborggade, it forms a pedestrian zone between Nørreport station and Amagertorv on Strøget.

The square is lined with cafés and shops and is a popular venue for outdoor concerts in the summer time.

[1] The original market square was considerably smaller but its area has gradually been increased in connection with demolitions and construction of new buildings.

The square was refurbished between 2011 and 2013 together with the rest of the pedestrian zone and Hauser Plads on the other side of the Library House.

[5] The 2013 renovation installed a large, circular water feature which doubles as a band stand for special events.

The statue takes its name after Hans Christian Andersen's tale of the same name from 1851 but was also inspired by a memory of the artist's own great grand parents.

It was originally topped by a tall spire but it was dismantled after a few years[9] The building on the corner of Købmagergade, also in the Historiccist style, is from 1908.