The street was built on land previously occupied by the
Convent of Las Descalzas Reales and the harvest plots of the . Already in 1905, the street was an important retail area, with a predominance of the tailoring and textile sector, shoe and footwear, pharmacy, as well as catering businesses. Throughout the 20th century, commercial activity boosted in the wake of the growth of
Galerías Preciados and
Corte Inglés department stores (by the purchase of neighbouring businesses). Starting in December 1967, the street started being closed to traffic on a temporary basis for the Christmas season owing to the large flow of pedestrians. Galerías Preciados could not cope with El Corte Inglés' growth and ended being acquired by its rival in 1995. As of 2018, Preciados is one of the busiest pedestrian streets in Europe. == References ==