Building commenced in 1757 to an elaborate design by Bartolomeo Rastrelli, but that subsequently was discarded in favour of a less expensive and more functional Neoclassical design submitted by Jean-Baptiste Vallin de la Mothe (1729–1800).
Nastala je na stičišču ulic Nevsky Prospekt in Sadovaya, dolga več kot en kilometer in je zajemala površino 53.000 m2 pokritih površin z več kot 100 trgovinami.