Gulou Street was once part of the oldest business district in Beijing. Since the Great Capital of the Yuan Dynasty was established in 1271, Gulou Street, which was right behind the imperial city, has been an important part of the "back market" according to the architectural model of "On the left-hand outside of the palace shall be the Ancestral Hall, while on the right-hand side shall be the Altar of Soils. In front of the palace shall be the Audience Halls. The market is to be located at the back side of the city." Lining the crowded road were bustling merchants while winding into the lanes were compounds belonging to influential officials and heroes and simple but elegant dwellings of ordinary people.

Grey walls and tiles of the buildings and the surrounding trees along Guloudong Street obviously show what the ancient city looked like. Among other time-honored brands, the Wonton Hou Restaurant, Wu Yutai Teashop, Neiliansheng Shoes, and Dong Lai Shun Restaurant line the street, joining a total of 242 businesses; row upon row of classically simple and elegant shops stand shoulder to shoulder on the road. Crowds of visitors and consumers create a modern version of the "studded merchants and gathering of talents" described in the travels of Marco Polo.

Along Guloudong Street are a number of hutongs which extend in all directions, including famous Nanluoguxiang Hutong and Baochao Hutong. In addition, a lot of small stores and snack bars with distinctive features are also located in the area. After the completion of the Guloudong Street renovation project and the grand openings of many Beijing brands in the area, Guloudong Street won the title of "Flavor Street of Old Beijing," a place where the ancient locust trees, graceful upswept eaves, time-honored brands and classic cultural environment form a harmonious combination.

Guloudong Street has also developed into something of a video game scene; 36 video game stores have opened over the years, including those selling PSP, PS2, game software, and cartoon models. Most of the owners of these stores are youngsters in their twenties.

Being part of the "Beijing video game scene" not only makes Guloudong Street famous in Beijing, but also attracts nonlocal merchants to buy products. Additionally, there are 16 shops selling musical instruments on Guloudong Street, so it could just as easily be called a "music scene."