The council says it is "not going to change a winning formula" after approving major plans to revamp Bury Market.
Designs for a three-storey flexi-hall and roofing were given the green light by the council's planning committee on Tuesday night.
Other uses for the facility include space for support groups, hobby groups and indoor sports and it may host music concerts, boxing matches, festivals and pop-up trading opportunities.
The demolition of existing buildings on Murray Road, Market Street and Princess Parade, and a new canopy structure to cover the existing outdoor market was also approved.
The construction of the flexi-hall and improvement works were signed off in 2021 after the borough received £20m of government funds as part of its levelling up fund.
The market is well known nationally and won the Best Market Attraction prize at the Great British Market Awards this year.
The market has also been honoured twice before at the awards with the council well aware of its importance to visitors.
Cllr Charlotte Morris, cabinet member for culture and the economy at the council, said: “Bury Market dates back to the 1440s and is rightly described as the jewel in Bury’s crown.
“We’re not going to change a winning formula, one that attracts millions of visitors from across the country.
"But with changing times and shopping habits, it is essential that we make sure our famous and award-winning market is ready to meet the challenges of the future.”
The multi-million pound scheme is a key part of wider plans to transform the town centre, which include a new Bury Interchange and a redeveloped Mill Gate Shopping Centre complex.
Council leader, Cllr Eamonn O’Brien, added: “This is great news, and means we can really get on with the regeneration of the town centre, with our historic Bury Market at its heart.
“The council is putting unprecedented levels of funding into town centres across the borough, augmented by our successful bids to the government’s Levelling Up Fund.
“In this way, we can ensure that Bury is a prosperous borough for all, a place we are proud to call home.”
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