Conceptualised by King Philip II in 16th century, the Plaza Mayor was eventually created by the late 18th century. It is the largest public square in the centre of Madrid. The plaza held markets, bullfights, games, and public executions in past centuries. Now the rectangular square is buzzing with locals as well as tourists throughout the year. Originally surrounded by wooden buildings, the Plaza Mayor is now lined with three-storied residential buildings of similar styles. Many of the ground floors have been converted into cafes and souvenir shops. The bronze equestrian statue of King Philip III graces the centre of the square. Casa de la Panadería gracing the northern edge of the Plaza Mayor is the most prominent building in the square. It represents the seat of powerful baker's guilt. Every year in the month of May, the plaza becomes a centre stage for celebrations for San Isidro Festival. Spend an evening at leisure walking around the square or sitting on a corner bench.