Among the landmarks of the square are Dietrichstein Palace from the early 17th century, which is the seat of the Moravské zemské muzeum (Moravian Museum), and the building of the Reduta Theatre from 1608, which is the oldest theatre building in Central Europe.

It has a six-pointed star plan and is decorated with many allegorical figures and mythical animals.

The fountain was designed by Johann Bernhard Fischer von Erlach and created by Tobias Kracker and Anton Riga.

The market contains many shops that sell vegetables, fruit, meat (now rabbits only and smoked), fish (in Christmas time only), flowers, plants, seeds, seedlings, breads (bakery products), Moravian kolach, spices, nuts, eggs, cheese, and Moravian traditional spices and herbs items.

The cellars originally served for food storage, beer brewing, maturing of wine in barrels, and as shelter in times of war.