The trading activities in Tambov became more active in the 30s of the 19th century, hence, there was a need to build a stone shopping arcade. On April, 14th, 1835, Tambov governor informed the town authorities that the emperor allowed the construction of new Gostiny Dvor. The project of a building in Russian classicism style was elaborated. The Doric order colonnade (including 42 columns and 2 half-columns) framed Gostiny Dvor building from three facades. Prior to the revolution, the building was used according to its intended purpose. But after the events of 1917 it was mainly used as a warehouse.
In 1956, it was decided to reconstruct the building and bring back its initial function. According to the reconstruction project developed by an architect, V.G. Samorodov, the gallery of the first floor located between the colonnade and external wall was demolished. Some window openings and doorways were laid up, inner walls dividing the building into separate shops were put down either. The new parts joined the building on each side. In 1985, Tambov emblem was fixed up on the pediment.