Market Square Shopping Centre
A central Geelong shopping centre built on the site of the city’s historic market square and opened in 1985.
Last updated August 26, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
Market Square Shopping Centre is a retail complex in central Geelong, Victoria, Australia. It occupies the block bounded by Little Malop Street, Moorabool Street, Malop Street and Yarra Street, and takes its name from the original town square that stood on the site. Together with the adjoining Westfield Geelong complex across Malop Street, it forms part of Geelong’s central shopping precinct. The centre emerged from urban-renewal planning undertaken during the 1980s. A large 1981 proposal by the Geelong Regional Commission envisaged a retail and civic development extending from Little Malop Street towards the waterfront. That scheme was not built in its original form, but a reduced version influenced Market Square and the nearby Bay City Plaza development. When private investors could not be secured, the former Geelong City Council proceeded with construction on Crown land. The project incorporated a shopping complex, the Market Square Mall pedestrian area on Little Malop Street and improvements to Moorabool Street. Site clearance began in 1984. Several heritage-related elements were retained or incorporated into the new development, including the CML Building on Malop Street, which was reused for offices, and facades associated with the Corio Stores and Solomons Building. Jacobs Street was also closed as part of the redevelopment. Victorian Premier John Cain officially opened the centre on 3 December 1985, after which the city council retained responsibility for management. The original centre included a Safeway supermarket beneath the eastern multi-storey car park, a Venture discount department store at the western end of the first floor and a large number of specialty retailers. Its principal entrance was initially on Moorabool Street. The opening of Bay City Plaza in 1988 changed the surrounding retail geography and increased competition for customer traffic. In 2006, an extension into the former Safeway area expanded the centre’s retail offer and brought in additional major chains, including JB Hi-Fi, which returned to the Geelong market. Stores associated with the centre have also included Best & Less and Harris Scarfe, alongside smaller specialty retailers. The centre’s early rental performance generated significant income for the council, but returns weakened by the early 1990s amid increased competition and the regional economic effects following the collapse of the Pyramid Building Society. The newly created City of Greater Geelong attempted to sell the property in the 1990s. An initial 1993 tender process did not produce a completed transaction, and the property was later marketed again. A sale contract was signed in March 1996 and settled in June of that year. The centre is identified in the reference material as being managed by Knight Frank Australia Pty Ltd. The available material does not establish a current owner, current tenant roster or official website, so those fields remain unspecified.
History
Market Square Shopping Centre was created as a major urban-renewal project in central Geelong during the 1980s. The site had previously formed part of the city’s historic market square, and the centre’s name preserves that association. The development occupies the block between Little Malop, Moorabool, Malop and Yarra Streets, opposite the Westfield Geelong complex. In November 1981, the Geelong Regional Commission released a plan for a very large shopping and urban-renewal development extending from Little Malop Street towards the waterfront. The full proposal did not proceed, but its broad concept influenced the smaller Market Square project and the neighbouring Bay City Plaza development. The former Geelong City Council concluded that a shopping centre should still be built and sought private investors. When that effort failed, the council undertook the development itself on Crown land. The project included the shopping centre, the Market Square Mall pedestrian area beside Little Malop Street and streetscape improvements along Moorabool Street between Malop and Ryrie Streets. Demolition and site clearance began in 1984. The redevelopment retained the CML Building on Malop Street for office use and incorporated the facade of the Corio Stores on Little Malop Street and the Solomons Building on Moorabool Street. Jacobs Street, which crossed the site, was closed as part of the construction. The centre opened on 3 December 1985, with Victorian Premier John Cain performing the official opening. The city council initially managed the complex. Its original tenant configuration included a relatively small Safeway supermarket below the eastern multi-storey car park, a Venture discount department store on the first floor at the western end and numerous specialty shops on the ground floor. The main entrance was on Moorabool Street until the opening of Bay City Plaza in 1988 shifted the pattern of access and competition within the precinct. Market Square initially produced strong rental income for the council. By the early 1990s, however, revenue had declined as the centre faced competition from Bay City Plaza and the wider economic downturn associated with the collapse of the Pyramid Building Society. In 1993, the newly formed City of Greater Geelong offered the centre for sale by tender. No bid produced a completed contract, despite a subsequent offer, and the council withdrew the property from sale in June of that year. A renewed sale process was approved in September 1995. A minimum reserve was later set, and the property was ultimately sold under a contract signed on 12 March 1996, with settlement on 28 June 1996. A later expansion was completed in 2006 in the area formerly occupied by Safeway. The extension enabled the arrival or return of several large retail chains, including JB Hi-Fi, and supplemented the centre’s specialty-store offer. Stores identified in reference material include Best & Less and Harris Scarfe. The centre also preserves elements of its history through construction photographs, a plaque marking the former Market Square clock tower and displays of historical documents near the centre-management and lift areas. The available reference material identifies Knight Frank Australia Pty Ltd as the centre manager. It does not provide reliable current information about the property’s ownership, total floor area, current tenant list, executive leadership or official web presence. Those details are therefore not asserted here.
- 2006
Extension completed
[1]An extension into the former Safeway area expanded the centre’s retail capacity and accommodated additional major chains.
- 1996
Ownership transfer completed
[1]A sale contract was signed in March and settlement took place in June after the council renewed its marketing of the property.
- 1993
First major sale attempt
[1]The City of Greater Geelong offered the centre for sale by tender, but no transaction was completed and the sale process was withdrawn.
- 1988
Bay City Plaza opens nearby
[1]The opening of Bay City Plaza altered the central Geelong retail environment and increased competitive pressure on Market Square.
- 1985
Official opening
[1]Victorian Premier John Cain officially opened Market Square Shopping Centre on 3 December.
- 1984
Site clearance begins
[1]Demolition began to clear the site for the council-backed shopping-centre development, with selected historic building elements retained or reused.
- 1981
Urban-renewal plan released
[1]The Geelong Regional Commission published a proposal for a large central shopping and waterfront-linked redevelopment. Although the full plan was abandoned, it influenced the smaller Market Square project.
Products and positioning
A centrally located, community-oriented shopping centre serving Geelong’s urban core through a mix of major retail tenants, specialty stores and pedestrian connections to the broader central shopping precinct.
Retail · 1985
Specialty retail stores
The centre’s core offer consists of numerous specialty retailers serving everyday fashion, household, consumer and service needs. These stores complement the larger tenants and help position Market Square as a broad central-city shopping destination rather than a single-category outlet.
Apparel retail
Best & Less
Best & Less is identified in the reference material as one of the centre’s specialty or major retail tenants. Its presence represents Market Square’s focus on accessible apparel and family-oriented merchandise within the central Geelong shopping mix.
Department-store retail
Harris Scarfe
Harris Scarfe is listed among the centre’s retail occupants. The chain contributes department-store-style apparel, homewares and related merchandise to Market Square’s tenant mix.
Consumer electronics · 2006
JB Hi-Fi
JB Hi-Fi moved into the expanded section of Market Square in 2006, marking the return of the electronics retailer to Geelong according to the reference material. Its inclusion broadened the centre’s offer beyond apparel, grocery and general specialty retail.
Brand decisions
2006
Expand into the former supermarket areaProduct launchBackground
The former Safeway section provided an opportunity to increase the centre’s retail capacity and refresh its tenant composition.
Action taken
The centre extended into the former Safeway area and accommodated additional large chains, including JB Hi-Fi.
Aftermath
The expansion diversified the centre’s offer and strengthened its role within central Geelong’s shopping network.
1993
Offer the centre for saleM&ABackground
Council rental income had weakened amid competition from Bay City Plaza and difficult regional economic conditions.
Action taken
The City of Greater Geelong placed the property on the market by tender, but no completed bid was received and the process was withdrawn.
Aftermath
The council later renewed its efforts to sell the centre, leading to a completed transaction in 1996.
1981
Proceed with a scaled central shopping-centre redevelopmentStrategyBackground
A larger regional urban-renewal proposal had been presented, but the complete scheme did not proceed. The city nevertheless decided that a central shopping complex should be developed.
Action taken
After private investment could not be secured, the former Geelong City Council undertook construction on Crown land and incorporated associated pedestrian and streetscape works.
Aftermath
The decision produced the Market Square complex that opened in 1985 and became part of Geelong’s central retail precinct.
Recent events
- 2006
Market Square extension adds major retail tenants[1]
Product launch
An extension into the former Safeway section expanded the centre and accommodated additional large chains, including JB Hi-Fi.
- 1996
Market Square is sold following renewed council marketing[1]
M&A
After an unsuccessful earlier sale attempt, the shopping centre was sold under a contract signed in March 1996, with settlement completed in June.
- 1985
Market Square Shopping Centre opens in central Geelong[1]
Other
The newly constructed centre was officially opened by Victorian Premier John Cain on 3 December 1985. Management initially remained with the city council.
Sources3 sources
Cite this profile: Cite the canonical profile. /brand-wiki/market-square-shopping-centre · Editorial policy · How profiles are compiled