The square is home to many attractions, such as the Opera Theatre, the Jaude Shopping Mall and Saint-Pierre-des-Minimes Church.

This proto-square was parallel to the hill of Clermont, which hosts the forum under the current Place de la Victoire and the cathedral.

In the Middle Ages, the square was a vast, unsuitable swampy area (it was in fact an old crater lake), bordered in the west by a branch of the South Tiretaine, fitted to serve tanneries and mills, in the north and east by the limit of the urbanized sector.

On the east side of the square, the Halle aux Toiles, built in 1812, was transformed to accommodate a large theater in 1894.

The commercial orientation of the square was confirmed in the 20th century, with the opening of the Paris-Clermont store (the current Crédit commercial de France building) built in 1900, then with the one of the Galeries de Jaude in 1907 (which became Galeries Lafayette in April 1997) which quickly supplant their competitors.

The development project made by the winning team of the international architecture and landscape competition of Alain Marguerit (Atelier des Paysages Alain Marguerit), Bernard Paris (Atelier d'Architecture Bernard Paris), Jean-Max Llorca (fontain engineer), LEA (Laurent Fachard, lighting technician).

The northern part is made up of a dark basalt forecourt illuminated at night by 250 red and yellow diodes which symbolize the movement of lava.