It was designed in 1860. Some claim the name comes from the Ethiopians who worked and traded in this area. Back then Ethiopia was called Abyssinia. Another source claims that the name comes from an event that took place here in 1922: the distribution of the Abyssinian assistance to the refugees from Smyrna.

It is also knows as “Yousourum”, the last name of a family that came from Smyrna in late 19^th century and started a bazaar of second hand clothes and shoes in the same square. Other small merchants followed their example, creating a bazaar that survives to this day. There are plans to remove yousourum so the whole area is redeveloped.