In the 1930s, the demolition of the Kitaygorod Wall as part of Stalin's reconstruction unexpectedly turned the rear facades of some buildings into grand entrances facing one of Moscow's central squares.

The new square was formed in the 16th century inside the Kitaygorod wall and represented a street with one-sided development. In the 15th century, there was likely a foothold here, an open area for the defense of the fortress, the borders of which began at the modern Bolshoy Cherkassky Lane. Between 1534 and 1538, under Elena Glinskaya, a fortress wall was built here, and the area inside it was named Kitay-gorod.

The site where the buildings of the Moscow Merchant Society are now located was adjacent to the wall and belonged to various owners over the years, including the clerk Tikhon Bomosov and the princes Boryatinsky. In 1805, Nikolai Dmitrievich Pashkov gifted it to the Moscow Merchant Society on the condition that the income be used to maintain a poorhouse, which is why the area became known as "Pashkov's Courtyard." After the fire of 1812, a bustling market emerged here.

The market was moved to the New Square in 1783, where books and lubok prints were sold. The famous publisher I. D. Sytin began his career here. After the fire, the market quickly recovered.

In 1831-1832, the Moscow Merchant Society renovated the market, replacing the awnings with stalls in the Moscow Empire style. However, in 1881, the stalls burned down. In 1899, the market was relocated to Sadovniki.

After the fire, the Pashkov site became available, and the Moscow Merchant Society invited architect Boris Freidenberg to build a new complex. From 1882 to 1883, he erected buildings in a "brick style," reminiscent of medieval trading structures. In 1904, to increase the space, some buildings were raised, with the project handled by architect G. E. Popov.

Before the revolution, the buildings housed shops, offices, and apartments. In the 1920s-1930s, two more buildings were added. Despite the changes, the buildings retained their architectural integrity. During the Soviet era, one of the buildings housed a dormitory for Moscow State University, and in 2011, the building was transferred to the Russian Geographical Society, where its headquarters is now located.