The Grain Exchange sits on the site of the town’s Meal Market where cereals were traded. The first market was constructed here in 1586; however, informal trading on the site is thought to predate even this. By the 19th century the market occupied a strong, square building on the site which was opened on Tuesdays and Fridays. This was demolished in 1843 and the current imposing structure built in its stead.

The building was purchased by the Clydesdale Bank in 1856 and converted into an open-planned banking hall. The bank re-located at the end of the 20th century. The building is now used as a multi-purpose market, cultural and creative space named in honour of its heritage.