It is at the junction of Kuznetsky Bridge Street, Petrovka Street, and Theatre Drive (north-west of the latter; the square south-east of Theatre Drive is the separate Revolution Square).

The square emerged after the 1812 Fire of Moscow and conversion of the Neglinnaya River into an underground channel.

However, in the second half of the 19th century the Neoclassical ensemble was destroyed by new buildings in eclectic styles, that were considerably taller than the original ones fronting the square.

The square also has the Gothic Revival style TsUM (ЦУМ) luxury department store building.

It was during a meeting in then Sverdlov Square on 5 May 1920,[1] that an iconic picture of Lenin was taken.