The Hakaniemi square was built on landfill. The square was established for trade of every kind, and the first vendors began trading just before Christmas in 1897. The list of groceries on sale was long: malt, peas, apples, potatoes, lingonberries, milk, butter, pork, hares and game birds. Besides food supplies, the peasants brought hay to sell. Russian merchants sold ice-cream and fruit. At the turn of the 20th century the square was packed with small stalls, housing various tailors', haberdashers and draper's shops. Fishmongers came to the market in 1920.

     Steamboats from the Saimaa canal brought firewood for heating the houses to the Hakaniemi shore. Boats operated from spring until the sea froze over in winter. During the war time, the market square was stacked high with firewood. Up until 1960, a railway line ran from the Sörnäinen harbour passing by the market. The market was refurbished and in 1979 paved with cobblestones. Today the Hakaniemi metro station can be accessed from the market square.