Previously, the Square was surrounded by administrative buildings and hosted multiple major public events.
After the Town Hall burned down in the 18th century, new buildings reduced the space for the market, but it still remained the trade center of Lutsk until World War II.
According to geological research, the central hill of the Lutsk suburb was often flooded as it wasn't sited high enough above the Styr River.
The Magdeburg Law mostly concerned the Market square and managed bourgeoisie rights and obligations.
The square was used for trade and social and political events such as royal and magistrate declarations, executions, and other meetings.
Trade in the square assisted many coins corresponded to political and commercial relations between Volyn and other regions.
One of Toruń's merchants, a relative of Nicolaus Copernicus by the mother of the family Watzenrode, died in Lutsk in 1386.
While Lutsk exported honey, wax, fish, bread, cattle, leather, resin, tar, etc.
The Town Hall, gutted by fire in the 18th century, was situated on the south side of square.
In the 1930s the square was still filled with low market stalls, but they were destroyed during World War II.